McDonald’s Corp., which last year traded suburban space for city chic in its corporate headquarters, has sold its former 80-acre complex in Oak Brook, the real estate brokerage JLL announced Wednesday.
It said John Paul DeJoria, a billionaire and founder of the Paul Mitchell line of hair products, bought the property near 31st Street and Jorie Boulevard. Included in the sale is the old McDonald’s main office building, the Hamburger University training site and a Hyatt hotel.
JLL did not disclose the price of the deal. McDonald’s decamped for the West Loop last year, ending 30 years in Oak Brook.
The hotel, the 218-room Hyatt Lodge, is to remain open. JLL, which represented McDonald’s in the sale, said future development will be led by a “dedicated team” in Austin, Texas.
“This campus comes with a rich history and significance to the community, and there’s such beauty throughout the entire site,” DeJoria said in a news release. “I am honored to continue that legacy and we look forward to welcoming the next generation of special guests and corporations to the property. There’s most certainly going to be a bright future ahead.”
The wooded campus, with a design by renowned architect Dirk Lohan, includes two lakes.
Oak Brook President Gopal Lalmalani praised DeJoria as a “trusted buyer and partner” in the deal. “We are confident he and his team will represent the vibrancy of Oak Brook as they bring a forward-thinking vision to the future of the McDonald’s campus, and we look forward to a long-lasting partnership with their team.”
McDonald’s previously has sold other parcels it controlled in Oak Brook, including acreage that will continue as a park.
The real estate brokerage NAI Hiffman represented DeJoria in the sale.