Page 3 - Tribune Tower Article November 2021

11/18/21, 2:36 PM Printable

The St. Regis units whose sales are pending include two priced at over $9 million and one priced at
over $10 million.

Crain's found no indication in either real estate records or the public Cook County records that an
$18.5 million contract that Magellan announced in 2018 has yet closed or gone pending. The unit is
10,640 square feet on the entire 71st and 72nd floors.

A few floors higher is St. Regis’s highest recorded sale to date. In September, a buyer paid nearly
$8.74 million for the 5,700-square-foot condo on the 75th floor.
It’s one of seven condos sold so far at St. Regis for $4 million or more.

On the other side of the river, six buyers have paid $4 million or more at the extensively rehabbed
and expanded Tribune Tower.

Crain’s research in county records shows that the Tribune developers, Golub Realty and CIM
Group, have delivered 51 of the 151 condos, or 33%. Jeanne Martini, the tower’s sales director, told
Crain’s that with pending contracts included, the figure would be “right at 50%.”

Martini said that in the week ending Nov. 15, buyers put seven units under contract. That’s in part
because a model unit opened a few weeks ago, giving potential buyers a real feel for what the living
spaces will be like and, Martini said, “because people walk in and see what’s been done with this
building everyone in Chicago loves, and they’re in awe.”

The tower has ample amenity spaces both indoors and out, including an unmatchable terrace in the
tower’s crown, with views out through its Gothic frills to the river and skyline.

Martini estimated that about one-quarter to one-third of the buyers in the tower so far have been
buying units for their second home, and the rest are full-time residents. Out-of-town investor buying
has been slim to none, she said.

The majority of the full-timers who’ve bought in the Tribune Tower “are people in the city who are

moving up,” Martini said, followed by empty-nesters coming in from the suburbs.
“They know they get it all here,” Martini said. That includes not only an A-plus location on Michigan
Avenue just off the DuSable Bridge and the broad array of amenities, but commercial neighbors on
the ground floor like the Museum of Ice Cream and, just announced in mid-November, the upscale
convenience store Foxtrot Market.

https://www.chicagobusiness.com/residential-real-estate/tribune-tower-st-regis-dominate-chicago-condo-market-how-sales-are-going