Magellan to Relocate Corporate Headquarters To Aqua at Lakeshore East

CHICAGO - April 9, 2009 - Magellan Development Group announces plans to relocate its corporate headquarters to the distinctive Aqua mixed-use tower that anchors the west end of its Lakeshores East neighborhood on the New East Side in downtown Chicago.

The move to 225 N. Columbus Dr., Ste. 100 from its temporary facilities at 303 E. Wacker Dr. will take place April 23-25. Magellan's new headquarters will occupy approximately half of the 55,000 square foot office space included in the award-winning tower designed by a Studio/Gang Architects team headed by Jeanne Gang. The 28,000 square foot facility, designed by Magellan affiliate Loewenberg Architects, includes second floor offices for Magellan and affiliates Joel M. Carlins & Associates, attorneys; NNP Residential, property management and leasing; and Loewenberg Architects and first floor offices for Titan Commercial.

The office interiors, designed by Robert Pope & Associates, provide views of the award-winning Lakeshore East Park and open to the Zen Garden that is part of a unique outdoor deck amenity.

Bold in both design and function, Aqua is the first high-rise in Chicago specifically designed to feature condominiums, townhomes, rentals, hotel, office and retail spaces in a single structure. First occupancies for rental apartments are expected in May with condominium occupancy to follow by late summer of this year. Aqua is a building that was designed not only in the context of the site but also in the context of other buildings surrounding the 28-acre, $4 billion urban village near the confluence of the Chicago River and Lake Michigan.

Outdoor balconies and terraces that form unique, undulating contours of different sizes and shapes that change gradually from the lower to the higher part of the building, produce its dramatic design. This use of generous, non-linear terraces that gives each floor a unique shape contrasts dramatically with the more angular shape of surrounding buildings and creates a more architecturally diverse community.

Aqua combines 268 condominium homes in the top 27 residential stories with 474 rental residences along with the hotel, retail and office spaces.

As a result of its unique design, Aqua's residences command dramatic river, lake, skyline and Millennium Park views. Residents will have access to more diverse amenities than any major city, indoors and out. Its distinctive 80,000 square foot deck features luxury gardens, gazebos, pools and cabanas, hot tubs, a running track, fire pits and grills. Indoors, a 35,000 square foot amenity floor will provide fitness facilities, indoor lap pool, a spa featuring hot tubs, sauna, steam and massage room, private party suites with catering kitchens, coffee bar and lounge, media room, billiards and game area, business center, Internet caf�, library, skygarden and concierge services.

Aqua will also be enhancing the expanding retail component of Lakeshore East with a full-service CVS Pharmacy scheduled to open this May. In true neighborhood fashion, retail services are being scattered through the community for the convenience of residents, guests and neighbors. In addition to CVS, The Shoreham offers a Cafe RoM coffee shop and Fifth Third Bank. A Roundy's Supermarket will anchor The Village Market Center, which will also provide a Fifth Third Bank facility.

A village in the heart of downtown Chicago, steps from Michigan Avenue, Lakeshore East is believed to be the largest parcel of downtown land under development in a major U.S. city. It incorporates all the elements of a traditional city neighborhood, a lifestyle center that includes homes, retail, recreational opportunities and community amenities such as a lush public park and a planned elementary school.

Situated near the confluence of three of Chicago's greatest attractions - Lake Michigan, the Chicago River and Millennium Park - its plan, which completes the ambitious Illinois Center Development, allows for the construction of up to 4,950 residences, a magnificent 6-acre public park, 2.2 million gross square feet of commercial space, 1,500 hotel rooms, 770,000 square feet of retail space and a proposed elementary school.

Regarded as an iconic urban village, Lakeshore East has captured numerous awards, including a National Honor Award for excellence in urban design from the American Institute of Architects (AIA) and the prestigious 2008 Prix d'Excellence International Design Award from the International Real Estate Federation for its master plan. Residential developments at Lakeshore East currently include six completed and occupied buildings. They include the 29-story The Lancaster, the community's first condominium building with 209 homes and The Shoreham, a 46-story apartment tower with 548 residences.

Also completed are The Regatta, a 44-story condominium building with 325 residences; 340 On The Park, a 62-story condominium tower with 340 units; The Chandler; a 35-story condominium building 304 condo homes and The Tides, the community's second rental property with 51 stories and 608 luxury units currently renting.

Construction is nearing completion on the 82-story Aqua and the first phase of The Parkhomes at Lakeshore East, an enclave of 25 gracious townhomes, is also under construction.

Titan Commercial, established in 2007, is affiliated with Magellan Development Group, one of Chicago's largest real estate developers, and is a full-service brokerage firm that has been active in representing both tenants and landlords, principally in Illinois, Indiana, Wisconsin and Michigan and represents both sellers and purchasers in investment property nationwide.