Sam Zell

Sterling Bay wraps up $510 million deal for Groupon HQ

Sterling Bay wraps up $510 million deal for Groupon HQ

Sterling Bay on Wednesday finalized its $510 million purchase of Groupon’s headquarters along the Chicago River, the largest deal ever for the 31-year-old firm.

That distinction will be short-lived, however, as the Chicago developer is expected to soon complete its acquisition of the two-tower Prudential Plaza office complex for about $680 million.

Sterling Bay bought the 1.65 million-square-foot former Montgomery Ward catalog warehouse at 600 W. Chicago Ave. from Equity Commonwealth, a real estate investment trust led by Sam Zell. Institutional investors advised by J.P. Morgan Asset Management are Sterling Bay’s partners in the deal, Sterling Bay said.

The building is...

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