News release

Private investor picks up West Loop trophy office asset

JLL Capital Markets says liquidity for U.S. office continues to improve especially for core assets such as 110 N. Carpenter

October 29, 2020

CHICAGO, October 29, 2020 – JLL Capital Markets announced today that 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.

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. 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.

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. 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.

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About JLL

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 in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Sterling Bay 

Sterling Bay is a Chicago-based real estate investment and development company with expertise spanning all aspects of real estate ownership. 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, visit  

About J.P Morgan Global Alternatives

J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, $145 billion in assets under management and more than 600 professionals (as of June 30, 2020), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from offices throughout the Americas, Europe and Asia Pacific, our 15 independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. For more information: