Reports: Former John Hancock Center Selling To Sterling Bay
One of Chicago's most active developer/owners is reportedly taking control of one of Chicago's most iconic buildings.
To-be-renamed 875 North Michigan Ave., which dropped the John Hancock Center moniker in January, the building is selling to Sterling Bay for roughly $310M, the Chicago Tribune reported, citing unnamed sources.
The deal would include 908K SF of office space and the parking portions of the 100-story skyscraper.
The reported sale price is lower than what owner Hearn expected when the company first listed the building in September and CEO Stephen Hearn said it could command $330M. When it announced the new name in February, Hearn said it had decided to hold the tower for another two or three years.
Sterling Bay seems to know the secret to dealmaking this year — in 2018 alone it has already purchased Prudential Plaza and the Groupon HQ, each costing about double the reported John Hancock price tag and forging a potentially record-breaking year for Chicago investment sales.
At Lincoln Yards, it is competing for Amazon's HQ2, working to bring a second soccer team to Chicago, including building the team a 20,000-seat stadium along with a new entertainment district and working to extend the 606.
Sterling Bay is also still a driving force in Fulton Market, with new deals happening there regularly, including the development of its own HQ.
