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Sterling Bay JV's $300M-plus deal for Chicago tower assets falls through

A deal by Sterling Bay Cos. LLC and an undisclosed partner to acquire the office and parking spaces of the former John Hancock Center in Chicago for more than $300 million from a venture led by Hearn fell through, Crain's Chicago Business reported.

The parties "mutually agreed to terminate the contract," the publication noted, citing a Sterling Bay spokeswoman. Details of the termination remain unclear.

The Hearn-led venture tapped Eastdil Secured in 2017 to sell the office and parking condos of the 100-story tower at 875 N. Michigan Ave., which offers more than 900,000 square feet of offices and more than 700 parking spaces.