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