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Sterling Bay and J.P. Morgan Asset Management just closed the $412.5M sale of 110 North Carpenter St. in Fulton Market, Sterling Bay officials said on Thursday. It was a record price for a property in the neighborhood, and the most lucrative Chicago sale this year.
Best known as the headquarters of McDonald's Corp., the 575K SF building was completed in 2018, and along with Google's headquarters at 1000 West Fulton St., it helped change the image of Fulton Market from a noisy industrial zone to a high-tech office center.
It isn’t the first area office property to sell since the pandemic began. Investors don't seem to be put off by the ongoing pandemic and economic disruptions, as long as they can pick up Fulton Market buildings where top corporations hold long-term leases.
“Completing the sale of 110 North Carpenter in the midst of an uncertain economic market is a testament to the city of Chicago’s ability to attract outside investment and secure important capital for its future,” Sterling Bay CEO Andy Gloor said in a statement.
The company did not disclose the buyer, but the Chicago Tribune reported it was Normandy Properties, an investor based in Moon Township, Pennsylvania. JLL Capital Markets marketed the sale of the property.
Earlier this year, Germany-based Deka Immobilien paid $86M for 905 West Fulton Market, the 98K SF headquarters of Mondelez International.
McDonald’s occupies 490K SF of the nine-story building, built on the former site of Oprah Winfrey's Harpo Studios. It's 97% occupied, and other tenants include Walgreens, FedEx and Politan Row.
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