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chi-hancock (3) The office portion of 875 N. Michigan Ave. was bought for $140 million back in 2013, and Sterling Bay is reported to be on the verge of paying about $300 million.

CHICAGO—Sterling Bay is best known for launching massive redevelopment projects that help expand the city’s office market into new neighborhoods such as Fulton Market and Lincoln Park. But in the past year it has also snapped up several iconic office properties within the CBD. And according to a report in Crain’s, it is set to pocket a significant portion of 875 N. Michigan, formerly known as the John Hancock Center, perhaps Chicago’s most notable skyscraper.

The newspaper reports the developer and a partner will pay Hearn more than $300 million for the roughly 900,000 square feet of office space located within the 100-story building, along with a 710-car parking garage.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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