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Chicago & Midwest  + Office  |  July 16, 2018
Paul Bubny
By: Paul Bubny

Hancock Center Office Reportedly Trades to Sterling Bay

Sterling Bay has a deal to acquire the office portion of 875 N. Michigan Ave., formerly known as the John Hancock Center, the Chicago Tribune reported. Believed to be north of $300 million, the acquisition also includes the 100-story tower’s 717 parking spaces, but not its residential or retail components.

The sellers are a venture led by locally-based Hearn Company, along with an affiliate of Fortress Investment Group and Lynd Co. Included are potentially lucrative naming rights, the Tribune reported.

The tower was developed in 1970 by John Hancock Mutual Life Insurance Co., which hasn’t been a tenant there in several years. This past February, Manulife Financial, which acquired John Hancock in 2004, asked 875 N. Michigan’s current owners to take the John Hancock name and logos off the tower.

The deal would mark Sterling Bay’s third major downtown office tower acquisition this year, after Prudential Plaza and Groupon’s headquarters.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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