WEST LOOP — Prominent developer Sterling Bay is selling the building that houses McDonald’s corporate headquarters in the West Loop.
Sterling Bay and partner J.P. Morgan announced plans to sell the 575,000-square-foot, nine-story office building at 110 N. Carpenter Wednesday.
The property, designed by Gensler, currently houses McDonald’s Headquarters, a McDonald restaurant, Walgreens, FedEx, and the Politan Row food hall.
In a statement, Sterling Bay CEO Andy Gloor said the corporate headquarters “helped to improve workplace culture” and “transform the neighborhood into a hub for corporate innovation.
The building was completed two years ago and McDonald’s moved its headquarters from Oakbrook to Chicago in 2018.
A source familiar with the listing estimates the property could sale for $450 million, according to Crain’s, who first reported the building was up for sale.
The site was previously home to Oprah Winfrey’s Harpo Studios, which opened the West Loop campus in 1988. In March 2014, Winfrey announced she had sold Harpo Studios to West Loop-based developer Sterling Bay for $32 million, according to DNAinfo.
The McDonald’s Headquarters is the latest planned sale for the prolific developer.
In 2016, American Realty Advisors purchased Google Headquarters from Sterling Bay for $257 million, according to Crain’s. Sterling Bay purchased the cold storage facility for $12 million in November 2012.
Last March, they sought $100 million for the Ace Hotel building at 311 N. Morgan St. In August 2019, Sterling Bay sold its own headquarters at 1330 W. Fulton Market Street for $175 million, according to Crain’s.
A Sterling Bay spokeswoman declined to answer questions on whether the developer plans to sell other properties in the neighborhood.
The developer is currently seeking city approval to build 14-story office building at 1200 W. Carroll Ave.
Last fall, the developer received city approval to build an 18-story office tower at 1000 W. Carroll Ave. and an 11-story office building at 345 N. Morgan St. in the neighborhood.
Sterling Bay is currently working on three other office towers in the neighborhood: a 20-story building at 330 N. Green St.; a 19-story building at the old Coyne College parking lot, 333 N. Green St.; and a 21-story building at 360 N. Green St.
McDonald’s Headquarters, which includes an on-site training facility, Hamburger University, and a 6,000 square-foot, ground-floor international restaurant, have a lease that expires in July 2033.
Sterling Bay also developed Google’s Midwest headquarters in Fulton Market.
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