Estimates are the prolific developer could get around $450 million for the 575,000-square-foot building at 110 North Carpenter Street, sources told Crain’s, which first reported on the listing.
JLL has been tapped to sell the building.
Any sale that pencils out to over $775 per square foot, could claim the title of the city’s most expensive office transaction on a per-square-foot basis, according to Crain’s.
The planned sale in the booming district would be a windfall Sterling Bay and its investment partner, JPMorgan Asset Management. It could also fetch the highest total price for a Downtown office building in more than two years, according to the report.
McDonald’s moved its headquarters from Oak Brook to the nine-story building in June 2018. Its long-term lease of 85 percent of the building runs through July 2033.
Though investment sales have lagged in most other parts of the city, interest in Fulton Market has remained high, allowing the developers that helped transform the former meatpacking district.
Sterling Bay sold its own headquarters on the western edge of Fulton Market at 1330 West Fulton Street $168 million in August amid plans to relocate to the new building it was constructing at 333 North Green Street.
Sterling Bay also lured Google to Fulton Market with the development of its Midwest headquarters at 1330 West Fulton Market. The developer sold that building, known as 1KFulton, in 2016 for $257 million, making it the highest-priced building sale completed in the neighborhood west of the Kennedy Expressway, according to the Chicago Tribune. [Crain’s] — Brianna Kelly