Private investor picks up West Loop trophy office asset

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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