The Reed, the latest residential tower by developer Lendlease, is officially open for move-ins. Located in the South Loop at 234 W. Polk St., The Reed stands 42 stories and is home to 224 apartments and 216 condos. The majority of the construction was completed in May and, since then, 60% of the apartments have been leased with those move-ins taking place throughout the summer.

Now, the condos have begun closing too.

For-sale units, which are on floors 23 through 41, come in one-, two- and three-bedroom options with sizes ranging from 630 to 1,660 square feet. In turn, prices range from the low $400,000s to $1.4 million.

The Reed exterior

Although information regarding the number of closings is not public, Nick Iselin, executive general manager of development, Central Region, at Lendlease, said sales at The Reed are on par with ownership goals. “The demand for new construction is high among buyers, who are typically less satisfied with dated resale product,” he said, noting that price points below $2 million make for “a luxurious yet attainable offering.”

David Wolf, founder and CEO of Wolf Development Strategies, also attributed early success to the pricing at The Reed. “Our aggressively low interest-rate programs and attainable price points have really resonated with buyers,” Wolf said. “There is also a pronounced supply and demand imbalance in Chicago, which is more evident in new construction condominiums than other products.”

All Reed residents have access to various on-site facilities, including a 15,000-square-foot, outdoor deck with a resort-style pool, cabanas and fire pits. Plus, condo owners have access to a suite of exclusive amenities, including a fireplace lounge, show kitchen, flexible workspaces and a covered outdoor terrace overlooking the river and Southbank Park.

The Reed is the second building to rise as part of Lendlease’s seven-acre Southbank masterplan. The first was The Cooper. Both structures were designed by Perkins+Will, and both boast direct access to the park and riverwalk. In fact, The Reed is named for the reeds and grasses that grow along that nearby waterway.

Final touches are still being added to the top floors of The Reed.

Meanwhile, another recent Lendlease development continues to fill: Cirrus, located at 211 N. Harbor Drive. Designed by bKL Architecture, the 47-story tower includes 350 luxury condo units and opened its doors to residents in the spring of 2022. It is part of Lendlease’s Lakeshore East development.

Cirrus exterior, photo credit: Steven Caban

“Cirrus and The Reed offer some of the only new-construction for-sale options in downtown Chicago, at a time when demand for condominiums is on the rise and competition for resale inventory is high,” Iselin said. “Although they are in different neighborhoods, both offer exceptional access to outdoor recreation in an urban setting, along with a plethora of amenities not commonly found in a typical condominium offering.”

The final phase Lendlease’s Lakeshore East development is also in pre-development.