About 15 months after buying a nondescript West Loop building for $10 million, Chicago developer Sterling Bay Cos. is selling the property, now the headquarters of Hillshire Brands Co., for nearly 10 times that amount.
Phoenix-based Cole Real Estate Investments is set to pay almost $100 million, or nearly $430 per square foot, for the 230,000-square-foot building at 400 S. Jefferson St., according to sources.
When the deal closes, it will easily be the highest price per square foot for a Chicago office building since the beginning of 2012, demonstrating investors’ increasingly strong interest in downtown Chicago, particularly for single-tenant buildings with a long-term lease in place.
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