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Kraft Heinz exec pays $4.5 million for Park Tower condo

A Kraft Heinz executive paid $4.5 million on May 25 for a six-bedroom, 6,240-square-foot unit on the 51st floor of the Park Tower on North Michigan Avenue.

Georges El-Zoghbi, who last year was named the chief operating officer of Kraft Heinz's commercial business, bought the unit, which had been on and off the market for close to five years. El-Zoghbi previously had served as the chief operating officer of Kraft Foods, joining the firm in 2007.

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In the Park Tower, the unit is one of just two on its floor. The sellers bought the unit in 2001 from the building's developer for $2.751 million. Features in the unit include 5-1/2 baths, two fireplaces, an open floor plan, 360-degree views, a library, two balconies and a bar.

The unit first had been listed publicly in 2011 for $6.295 million. Its asking price was reduced the following year to $5.75 million and then to $5.1 million in 2013. The unit remained at that asking price until it sold.

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Judy Stark of Century 21 Kreuser & Seiler represented El-Zoghbi. She declined to comment on the transaction.

Bob Goldsborough is a freelance reporter.



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