Billionaire acquires former McDonald's campus in Oak Brook
The 80-acre Oak Brook site that once housed the global headquarters for McDonald's Corp. has been sold to self-made billionaire and entrepreneur John Paul DeJoria.
Commercial real estate firm JLL announced DeJoria will acquire the site, which includes McDonald's former campus office building, Hamburger University training facility and the Hyatt Lodge hotel. The sale price was not disclosed.
DeJoria, who lives in California and made his fortune through ventures that include co-founding Paul Mitchell hair products, Patron tequila and the House of Blues nightclub chain, did not specify his plans for the property.
“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 statement. “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.”
JLL has been working with McDonald's representatives to find a buyer for the property since the global fast-food chain moved its headquarters to Chicago's West Loop in June 2018. Joe Endress, McDonald's vice president of facilities and systems, said the company recognized the importance of maintaining its close relationship with Oak Brook as it sought a new buyer.
“It's always been very important to us that we identify a trusted partner who realizes the future potential in the assets,” Endress said. “John Paul is an iconic entrepreneur also known for giving back, and we couldn't think of anyone better to lead the future of this landmark site that is extremely meaningful to the Oak Brook community.”
Oak Brook Village President Gopal Lalmalani echoed that sentiment.
“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,” Lalmalani said.
The Hyatt Lodge will continue to operate at its current location, according to Pete Sears, Americas group president of Hyatt.
“The Hyatt Lodge has been a staple in the Oak Brook community and a special hotel within our management portfolio for more than 30 years,” Sears said. “We see an immense opportunity with John Paul DeJoria to further enhance the hotel experience, so it's poised to remain one of the area's leading meetings and special events venues for the next 30 years and beyond.”
McDonald's has been the only occupant of the campus since it opened in 1988. Designed by world-renowned architect Dirk Lohan, the campus' wooded setting has two lakes and includes the 331,630-square-foot former global headquarters and separate training facility. The training facility is connected by a covered passageway to The Hyatt Lodge.
JLL's Scott Miller and Lindsey Fahey represented McDonald's in the sale. Perry Higa with NAI Hiffman represented the buyer.