The CEO and founder of Hoffman Estates-based Vistex has purchased the Trump Tower Penthouse for $17 million, completing the single-largest residential real estate transaction in Chicago history.
Sanjay Shah, who founded Vistex in 1999, closed on the 14,260-square-foot property on the 89th floor for the Trump Tower. Shah plans to invest an additional $15 million to build out the unfurnished space, bringing his investment to more than $30 million, a Chicago record.
The penthouse offers 360-degree views of Chicago, five bedrooms and eight baths, 16-foot ceilings throughout, floor-to-ceiling windows, and it is one of the tallest residences in the western hemisphere.
“We have lived in Chicago’s western suburbs for more than 20 years and intend to keep our family’s home rooted there,” Shah said in a news release. “As our two daughters are now high school and college age, my wife and I sought to find a special place for our family to enjoy, and also to use for my company and charitable efforts. Through my global work, I have spent a considerable amount of time in many other world-class cities, but none compare to our hometown of Chicago.”
As the Tribune notes, Shah paid for the $17 million residence in cash, beating out billionaire Ken Griffin’s $15 million purchase in 2012 for his 66th floor condo at Park Tower. The asking price for the Trump penthouse was $32 million.
Shah expects design and construction on the space to begin in 2015, the release said.
Vistex is a global software provider with more than 1,000 employees in offices around the world, including Germany, UK,Poland, India, Singapore, Brazil, Colombia and South Africa.
Editor’s note: The Chicago real estate transition record includes Shah’s $15 million in renovations, in addition to $17 million for the penthouse.
Photo by Barry Brecheisen