October 9, 2020
A high-net-worth family office based in Pittsburgh is finalizing a deal to buy the McDonald’s headquarters building for $430 million, the biggest downtown office sale in more than two years, reported Crain’s Chicago Business.
If completed, the sale of 110 N. Carpenter St. would add to a run of megadeals for newly-built office properties in the Fulton Market District, according to Crain’s. The identity of the buyer isn’t clear.
Developer Sterling Bay and its partner JPMorgan Asset Management put the property up for sale in early February, just prior to the COVID-19 pandemic.
The pending sale illustrates that investors’ appetite for newly-built office buildings fully occupied by high-credit, long-term tenants is as voracious as it was pre-pandemic, Crain’s reported. In May, Deka Immobilien set a local record for pricing per square foot when it acquired the new headquarters of Mondelez International at 905 W. Fulton Market.
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