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McDonald’s HQ to sell for about $420 million, a record for Chicago’s Fulton Market district

McDonald’s HQ to sell for about $420 million, a record for Chicago’s Fulton Market district

CHICAGO — Developer Sterling Bay has a deal to sell McDonald’s headquarters building for about $420 million, in what would be the highest-priced property sale of the year and a record price for the booming Fulton Market district.



a truck is parked in front of a building: Developer Sterling Bay has a deal to sell the McDonald's headquarters building for about $420 million.


© Zbigniew Bzdak/Chicago Tribune/TNS
Developer Sterling Bay has a deal to sell the McDonald’s headquarters building for about $420 million.

An obscure investor from the Pittsburgh area, Normandy Properties, has a preliminary deal to buy the 575,000-square-foot office building at 110 N. Carpenter St., according to people familiar with the deal.

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The sale has not been finalized, and it could still fall apart. An exact price could not be determined, but it is believed to be about $420 million. A deal would represent the highest-priced Chicago property sale since COVID-19 all but shut down the downtown economy starting in March.

The sale also would shatter the record for Fulton Market, which in recent years has gone from a meatpacking and food distribution hub to the busiest construction zone in the city. The area just west of the Kennedy Expressway is home to large corporate offices, hotels, residential towers, restaurants and stores.

To date, the highest-priced deal in the area is Sterling Bay’s $257 million sale of 1KFulton, the office building that is Google’s Midwest headquarters, in 2016, according to Cook County property records.

Normandy Properties is buying the McDonald’s building at a time when many investors are worried about the long-term outlook for office buildings, as many employees work from home and some companies look to downsize their space.

But 110 N. Carpenter is seen as a low-risk purchase because the fast-food giant has a lease for nearly the entire building until 2033. McDonald’s leases 490,000 square feet for corporate offices, the Hamburger University training facility and a ground-floor restaurant.

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Stock Market Today With Jim Cramer: Don’t Sell Citi Here

Stock Market Today With Jim Cramer: Don’t Sell Citi Here



Stock Market Today With Jim Cramer: Don't Sell Citi Here


© TheStreet
Stock Market Today With Jim Cramer: Don’t Sell Citi Here

Stocks were rising Thursday amid choppy trading after House Speaker Nancy Pelosi told Treasury Secretary Steven Mnuchin she wouldn’t agree to a standalone relief bill for airlines without a guarantee they would address a more comprehensive package.

TheStreet’s Katherine Ross discussed breaking news in the stock market on Street Lightning. Cramer spoke about the latest earnings from, Citigroup’s low share price and why McDonald’s is among his must-own food stocks.

Domino’s Stock: Buy Or Sell?

On Thursday, pizza chain Domino’s reported weaker-than-expected fiscal-third-quarter earnings. Revenue increased 18% from a year earlier to $967.7 million, topping the estimate of $953 million.

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The higher U.S. revenue reflected “customer ordering behavior during the COVID-19 pandemic,” Domino’s said. Consumers who stayed in during the pandemic often ordered food delivered to their homes.

Shares of Domino’s were down 6% in trading Thursday.

Cramer said, “Far too often, a stock is down and then people try to ascribe why it’s down. Domino’s stock is one of the greatest of all time. The costs are not really up here and what you care about is revenue and the revenue is fabulous.”

Citigroup: Too Low To Sell

Citigroup was fined $400 million by federal authorities for problems with its risk management controls.

The stock was down 0.30% to $44.97 on Thursday afternoon.

Citigroup was also ordered by the Office of the Comptroller of the Currency to seek its approval before making any “significant new acquisitions.”

Cramer said, “We saw it in the 60s, 70s and the 80s that $45 was too low to sell. It should go up to $70. But let’s see what Jane Fraser (President of Citi) does.”

McDonald’s Stock: Buy Or Sell?

McDonald’s U.S. comparable-store sales rose 4.6% in the third

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