One of Chicago’s Tallest Skyscrapers, 76-Story Apartment Building at Grant Park, for Sale
A Miami-based developer is looking to sell one of Chicago’s tallest skyscrapers, bringing a blockbuster apartment deal to the market during an overall slowdown in real estate deals across the country.
Crescent Heights hired CBRE brokers to seek a sale of the 76-story NEMA Chicago along the south end of Grant Park, according to marketing materials from the world’s largest commercial real estate firm.
Despite rising interest rates and other economic challenges, the tower at 1210 S. Indiana Ave. could bring one of the highest prices for any Chicago property sale in recent years based on the sheer size of the tower and relatively strong demand for luxury residential properties.
The highest price for a Chicago multifamily tower this year has been a $231.5 million deal for a 44-story, 492-unit apartment tower at 737 W. Madison St. by Spanish billionaire Amancio Ortega. He is the founder of the clothing retailer Zara.
Other large apartment deals this year include Crescent Heights paying just over $173 million for the residential portion of the 50-story tower at 340 E. North Water St. in Streeterville.
There have been a combined $3 billion in Chicago-area apartment property sales so far in 2023, on track to fall short of totals well over $5 billion each of the previous two years, according to CoStar data.
Crescent Heights completed the 800-unit, Rafael Vinoly-designed skyscraper in 2019 as part of what had been planned as an eventual two-tower project. Vinoly died earlier this year.
About three months ago, Crescent Heights hired CBRE to seek a buyer for the neighboring development site.
It’s not clear why Crescent Heights has decided to sell or how much it expects in a sale. The firm did not immediately respond to a request to comment from CoStar News on Friday.
At 896 feet, NEMA Chicago is the ninth-tallest skyscraper in Chicago, according to the Council on Tall Buildings and Urban Habitat. It also is the city’s tallest all-rent residential tower.
The tallest building in Chicago is the 1,451-foot-tall former Sears Tower, now known as Willis Tower.
NEMA Chicago has 70,000 square feet of amenities, which include a 48th-floor terrace, lounge, fitness center, theater, basketball and squash courts, game room, indoor-outdoor pool and coworking space. David Rockwell designed the interiors. There also is a 540-space parking garage.
The top 28 levels have floor-to-ceiling windows providing unobstructed views of Grant Park, Lake Michigan and the city skyline, according to CBRE.
NEMA Chicago is more than 96% leased with an average rent of $3.96 per square foot and $3,602 per unit per month, according to the marketing materials. Crescent Heights will consider an outright sale, a joint venture or a recapitalization, according to CBRE.
Crescent Heights has $405 million in debt on NEMA Chicago, underscoring its high value, Crain’s Chicago Business reported when the neighboring development site went on the market for sale in August.
CBRE brokers John Jaeger, Brandon McMenomy, Steve Ward and Justin Puppi are representing Crescent Heights in the sale.
