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Google’s Midwest Headquarters Trade at Fulton Market’s Second-Highest Price

(Updated with new information)

American Realty Advisors, which acquired Google’s Midwest headquarters in the Fulton Market District from developer Sterling Bay in 2016, is selling the property for $355 million. Office Properties Income Trust confirmed Monday that it was the buyer.

The sale is coming in at a 4.2% cap rate, the Chicago Tribune reported. The cap rate is believed to be a Chicago record for a multi-tenant office building, and reflects the relatively low risk of a building that’s 99% leased in downtown’s hottest office submarket.

1KFulton’s price will be the second-highest price for any building in Fulton Market, trailing only the $412.5-million deal for McDonald’s headquarters in October. The Tribune noted that this is a hopeful sign for Chicago’s office market, which reached record levels of vacancy during the COVID-19 pandemic.

American Realty Advisors was represented in the sale by the Chicago office of Eastdil Secured.


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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 13-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 15-20 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 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).