Despite instability in the office sector, Sterling Bay and JPMorgan Asset Management have sold McDonald’s global headquarters building in Chicago’s Fulton Market. The 596,000-square-foot property traded for $412.5 million, Chicago Tribune reported.
The asset had been on the market since late February and ultimately sold to a Pittsburgh-based family office. The sale price is the highest this year in the metro, as well as an all-time record for the Fulton Market district.
Occupying an entire block at 110 N. Carpenter St., the nine-story building was completed in 2018 as a built-to-suit project on the former site of Oprah’s Harpo Studios. Apart from the corporate office space, the property is home to the Hamburger University training facility and a ground-floor restaurant. The fast-food giant is occupying the space until a lease through 2033.
The LEED Platinum-certified asset features flexible floorplates, a 700-person conference center, collaboration space with stadium seating, a fitness center, several outdoor terrace spaces and on-site parking with a bike room. The ground-floor retail tenant roster includes Walgreens and Federal Express.
Jaime Fink, Jeffrey Bramson, Bruce Miller, Patrick Shields and Sam DiFrancesca from JLL worked on behalf of the sellers, while Keith Largay and Tim Joyce arranged acquisition financing. In July, Sterling Bay received almost $175 million in financing for the construction of a mixed-use high-rise in downtown Chicago.