 |
110 North Carpenter, a 575,000-square-foot trophy office tower
in Chicago’s West Loop neighborhood |
CHICAGO, IL – JLL Capital Markets announced it has closed
the sale and arranged financing for 110 N. Carpenter, a
575,000-square-foot trophy office tower in Chicago’s West Loop neighborhood.
 |
Jaime Fink
|
JLL
marketed the property on behalf of the seller, Sterling Bay and
institutional investors advised by J.P. Morgan Asset Management, and procured
the buyer, a family office based in Pittsburgh, Pennsylvania.
Additionally,
JLL worked on behalf of the buyer to secure a long-term, fixed-rate acquisition
loan through an American multi-national investment bank and financial services
holding company.
110
N. Carpenter serves as the global headquarters of the No. 1
highest-grossing fast food chain in the world, serving nearly 69 million
customers daily in nearly 120 countries.
Completed
in 2018, the building features flexible floor plans, floor-to-ceiling window
lines, a 700-person conference center, collaboration space with stadium
seating, a fitness center with picturesque views of the skyline, several
outdoor terrace spaces and on-site parking with a bike room.
 |
| Bruce Miller |
Ground floor
retail tenants include Walgreens, Federal Express and a retail outlet of the
anchor office tenant.
With
a WalkScore® of 97, 110 N.
Carpenter is just steps away from numerous public transit options, world-class
restaurants, retailers and Fortune 500 corporate neighbors.
The
building occupies a full city block in the highly desirable Fulton Market
neighborhood that attracts companies and residents desiring a true
live/work/play environment.
The
JLL Capital Markets team that represented the seller was led by Senior Managing
Directors Jaime Fink, Jeffrey Bramson and Bruce Miller, Senior Director Patrick
Shields and Director Sam DiFrancesca.
 |
Jeffrey Bramson
|
Financing
efforts were led by JLL Capital Markets’ Senior Managing Director Keith
Largay and Managing Director Tim Joyce.
“Liquidity
for U.S. office continues to improve and remains most favorable for lower-risk
core and core plus assets such as 110 North Carpenter that offer a long-term
lease with a credit tenancy,” Fink said.
“This
sale follows on the heels of 333 South Wabash, which proves that there
continues to be significant investor demand for larger, high quality office
buildings in the Chicago CBD.,”
Miller added. “These assets are not
experiencing price declines due to the pandemic.”
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
 |
| Patrick Shields |
The firm's in-depth local market and global
investor knowledge delivers the best-in-class solutions for clients — whether
investment sales, debt placement, equity placement or a recapitalization.
The
firm has more than 3,700 Capital Markets specialists worldwide with offices in
nearly 50 countries.
For
more news, videos and research resources on JLL, please visit our newsroom.
About Sterling Bay
Sterling
Bay is a Chicago-based real estate investment and development company with
expertise spanning all aspects of real estate ownership.
 |
| Sam DiFrancesca |
Known for creating world-class urban campuses
for companies such as Google, McDonald’s, WPP, Pinterest, Dyson and Tyson
Foods, Sterling Bay is consistently recognized for award-winning projects that
transform space, enhance communities and strengthen a company’s culture and
brand.
Sterling
Bay’s team of more than 200 professionals is responsible for a portfolio
exceeding $5 billion, and a development pipeline of more than $10 billion. For
more information, please visit sterlingbay.com.
For
more news, videos and research resources on JLL, please visit our newsroom.
About
JLL
 |
| Keith Largay |
JLL
(NYSE: JLL) is a leading professional services firm that specializes in real
estate and investment management. JLL
shapes the future of real estate for a better world by using the most advanced
technology to create rewarding opportunities, amazing spaces and sustainable
real estate solutions for our clients, our people and our communities.
JLL
is a Fortune 500 company with annual revenue of $18.0 billion, operations in
over 80 countries and a global workforce of over 92,000 as of September 30,
2020.
 |
| Tim Joyce. |
JLL
is the brand name, and a registered trademark, of Jones Lang LaSalle
Incorporated. For further information, please visit jll.com.
Contact:
Kristen
Murphy
JLL
Senior Manager
Public
Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@am.jll.com
