The West Loop has been one of Chicago’s fastest-growing neighborhoods for awhile now, which is why we keep seeing so much movement on both the residential and commercial sides of the market.
The latest big-headline story to come across the news cycle is that Sterling Bay is now looking to unload the fancy new building that McDonald’s calls home, which was only just recently finished.
According to Crain’s, Sterling Bay estimated the development would cost $250 million to complete when the project was first announced back in 2016. But already, some believe the sale could reach close to $450 million, which would be the highest price paid for a downtown office building in over two years.
Nearby, Sterling Bay has already sold its own Futon Market headquarters to a German investor for nearly $168 million, and Chicago-based developer Shapack Partners has also moved a seven-story office building at 811 W. Fulton Market for over $50 million.
Further details aren’t yet available but McDonald’s does have a lease for its 490,000 square foot space that runs through July 2033.