Sterling Bay wants to sell a 207,000-square-foot office building on the northern end of its planned Lincoln Yards megadevelopment. The news comes a week after the developer put its McDonald’s headquarters in Fulton Market on the block.
Sterling Bay has enlisted Cushman & Wakefield to market the four-story building at 1515 West Webster Avenue, according to Crain’s. It could fetch about $120 million, or about $580 per square foot, sources told the outlet.
Before it revealed plans for its $6 billion Lincoln Yards development, Sterling Bay started constructing the West Webster Avenue property for Minnesota-based logistics firm C.H. Robinson on a four-acre site. It had purchased the site for $21 million in 2015. C.H. Robinson signed a 15-year lease for the entire building, which opened in 2018, Crain’s reported.
Sterling Bay received approval from the city last March to build the mixed-use Lincoln Yards. Plans for the megaproject call for 14.5 million square feet of office, retail and residential space on former industrial land along the North Branch of the Chicago.
Sterling Bay also now wants to cash out of the property that houses McDonald’s global headquarters in Fulton Market. The developer could get $450 million for the 575,000-square-foot building that the fast-food giant moved into in June 2018. [Crain’s] — Brianna Kelly