Oprah Winfrey’s Harpo Studios Finally Sold (But It’ll Still Be Around)

Oprah Winfrey's Harpo Studios Finally Sold (But It’ll Still Be Around)

It took a while, something like two years to be exact,
but finally Oprah Winfrey has closed a deal to sell off her Chicago
based studios, late last week
.

As I wrote last fall, with the end of a 25-year run on
her daily talk show, and now devoting all her energy to the Oprah Winfrey
Network, which is headquartered in Los Angeles, there was speculation that
Oprah would soon unload the facilities.

And around that time she, Winfrey, very quietly “retained
the real estate investment company Eastdil Secured to explore the possible sale
of all, or part, of her Harpo Studios, located on the Near West Side of
Chicago, where she taped her talk show for years, starting in 1988.

But now it’s been announced that the Chicago real estate developer,
Sterling Bay Companies, has made a
deal to buy the entire four unit property, which is expected to close in the
next 30 days.

However the deal is unusual in that it will actually be,
at first, for a period of time, a sale/leaseback deal in which the studio and property
will be leased back to OWN for the next two years, allowing the network to
continue creating programming.

However, if you’re in the market for other Chicago property
formally owned by Oprah, her four unit duplex condo in Water Tower Place on north
Michigan Ave in Chicago, is still on sale for just only $7.75 million

.

This Article is related to: News and tagged


Your email address will not be published. Required fields are marked *