The Lex

Case Study

Key Insights

Magellan Development, alongside ST Residential, successfully transformed a previously abandoned condo project into a high-end luxury apartment community.

Notable Metrics

  • 35-story luxury high-rise
  • 329 units leased up within 12 months
  • 26% gain to pro forma rates
  • 88+ best and final bids received
  • Record-breaking sale price
Street view of The Lex, a modern apartment building in Chicago with a striking red facade and glass balconies.

Project Overview

The tower’s redesign, anchored by the bold and sophisticated vision of designer Kara Mann, redefined the aesthetic and appeal of Chicago’s South Loop. The property’s exceptional leasing performance and market positioning culminated in a highly competitive sale process, resulting in an unprecedented price for the asset, facilitated by HFF.

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