A deal to sell the McDonald’s headquarters building would be a record-breaking transaction for Chicago’s Fulton-Randolph Market District. Reportedly, the sales price is about $420 million, according to the Chicago-Tribune on Oct. 9, 2020.
The transaction between Developer Sterling Bay in Chicago and Normandy Properties LLC in the Pittsburgh area has not been finalized. Should the sale of 11 N. Carpenter go through, it would shatter the record for Fulton Market.
Normandy Properties’ decision to buy the McDonald’s building during the coronavirus pandemic might be a questionable investment. Many businesses are moving away from traditional workplaces and transitioning their employees to working from home, which causes investors to be leery about the long-term outlook for office buildings.
The risk factor is low in this circumstance since McDonald’s lease is not up until 2033, and the company occupies 80 percent of the building. Specifically, they “lease 490,000 square feet for corporate offices, the Hamburger University training facility, and a ground-floor restaurant.”
Written by Cathy Milne-Ware
Chicago-Tribune: McDonald’s HQ to sell for about $420 million, a record for Chicago’s Fulton Market district; Ryan Ori
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