Financial terms of the transaction were not disclosed for the complex that for decades served as the headquarters for McDonald's until the firm's relocation last year to approximately 470,000 square feet of space at Sterling Bay's 1045 W. Randolph St. in Downtown Chicago.

A total of 28 new lease deals 500,000 square feet or larger have been negotiated since 2016 in Chicago's industrial market. While 28 deals definitely show a strong market, half of those transactions occurred in 2016.

Both renovated buildings have remained vacant in excess of five years, and will be delivered completed but unleased, qualifying for opportunity zone “first use” designation.

“Building communities requires some sort of incentives program—but it must be one that is predictable and sustainable, transparent and accountable, and smartly devised and strategically deployed,” said Gov. Murphy in his address.

Tenants at the 302,346-square-foot property include Ross Dress for Less, TJ Max, Old Navy, Michaels, Petco, Five Below, Bed Bath & Beyond, Panera Bread, Planet Fitness and Olive Garden.

New York City-based commercial real estate financing firm Hunt Real Estate Capital provided both loans. Both loans will amortize over 40 years and include two years of interest only.

Discovery Labs is targeting major markets across the US and also has several international locations in its plans as well. Target domestic markets include: Boston; New York City; Northern New Jersey; Washington, DC; Raleigh-Durham, NC; Chicago, Houston, Austin, San Diego, Los Angeles, San Francisco and Seattle.

Boston Properties' new development at 325 Main is replacing an existing four-story commercial office and retail building at the site, formerly known as 3 Cambridge Center. The new building comprises approximately 375,000 gross square feet of new office space and 42,000 gross square feet of retail space at the lower levels.