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McDonald’s HQ Sale Breaks Record for Chicago’s Fulton Market District

by Cathy Milne-Ware
October 11, 2020
in Breaking News, Business, Chicago
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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.

McDonald'sThe 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

Source:

Chicago-Tribune: McDonald’s HQ to sell for about $420 million, a record for Chicago’s Fulton Market district; Ryan Ori

Featured and Inset Images Courtesy of Allen Gathman’s Flickr Page – Creative Commons License

Tags: #CMJournalistDeveloper Sterling BayfeaturedinvestorsMcDonald'sNormandy Properties LLC
Cathy Milne-Ware

Cathy Milne-Ware

Cathy Milne-Ware is the Editor-in-Chief for Frackle Media and lead instructor for St. Agatha's News School. She enjoys helping youth discover their unlocked potential and find their voice. Her goal is to teach youth the power of words and effective communication skills, including critical thinking and a sense of belonging. Cathy strives to be an advocate and mentor for each intern.

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