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Sterling Bay’s $300M deal for former John Hancock Center falls apart
Developer had been working with Hearn to acquire the office and parking portions of skyscraper at 875 North Michigan Avenue
![Sterling Bay’s Andy Gloor and shots of 875 North Michigan Avenue (Credit: Sterling Bay, 875North MichiganAvenue, and Pinterest)](https://static.therealdeal.com/wp-content/uploads/2018/07/1200-sterling-bay.jpg)
Sterling Bay’s $300 million deal to buy the office and parking portions of the former John Hancock Center from Hearn fell apart.
The two Chicago-based real estate investment firms “mutually agreed” to call off the deal for the property at 875 North Michigan Avenue, a Sterling Bay spokesperson told Crain’s. No further details were given. The pending sale was first reported in July.
The Magnificent Mile skyscraper would have been the third purchase of a trophy Downtown office building this year for Sterling Bay after its acquisition of the Groupon headquarters at 600 West Chicago Avenue and Prudential Plaza.
Sterling Bay earlier this year launched a $500 million funding round as it continues its string of developments and works to win approval for its massive Lincoln Yards project. [Crain’s] — John O’Brien