Chicago: McDonald's HQ building sells for over $412 million
The McDonald's Headquarters building in Chicago sold for more than $412 million, making it the largest office property sale in the city since 2018.
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Seller Sterling Bay and investment partner J.P. Morgan Asset Management bought the site from Oprah Winfrey's Harpo Studios for $30.5 million in 2014, and then have spent about $250 million to redevelop it into a 575,000-square-foot building.
McDonald's, one of the world's largest fast-food giant, moved its headquarters into the building in June 2018.
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As McDonald's has leased 490,000 square feet in the ninth story of the building until the year 2033 for its corporate offices and 97 per cent of the property has been leased, the deal is a relatively low-risk investment.
-PTC News
