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27 Feb 2020

Sterling Bay Puts McDonald's HQ up For Sale

McDonald's headquarters at 110 N. Carpenter St. - Sterling Bay

Sterling Bay is looking to cash out on McDonald's Fulton Market headquarters, setting up what could be the most expensive downtown office building sale ever in Chicago.

Nearly two years after the fast-food giant moved its global HQ from Oak Brook to the 575,000-square-foot home the Chicago developer built for it at 110 N. Carpenter St., Sterling Bay has hired the Chicago office of real estate services firm Jones Lang LaSalle to sell the property.

Sources familiar with the offering said the nine-story building stretching a full block along Randolph Street between Carpenter and Aberdeen streets could fetch close to $450 million. A sale at that number would net a big windfall for Sterling Bay and its development partner, JPMorgan Asset Management, and mark the highest total price paid for a downtown office building in more than two years, according to research firm Real Capital Analytics. If it clears $775 per square foot, it would break a record set last year by another Fulton Market building as the most expensive Chicago office sale ever on a per-square-foot basis.

Sterling Bay is going to market at a time when selling office buildings in downtown Chicago has been tricky, as prospects are clouded by Cook County's overhaul of how it values properties and how that will impact taxes.

Read more at Crain's Chicago Business


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