McDonald's Moving Corporate Headquarters From Oak Brook To Chicago
CHICAGO (CBS) -- McDonald's is leaving its west suburban headquarters for a new location in Oprah Winfrey's old studio complex in the West Loop, the fast food giant confirmed Monday.
The move marks a return to Chicago where the company was headquartered from 1955 to 1971.
Mayor Rahm Emanuel said he can't wait to cut the ribbon for the new McDonald's headquarters and a new Hamburger University training center in the West Loop.
"I want to welcome McDonald's back to the city of Chicago. A global company like McDonald's, with thousands of employees, sees a global city like Chicago as the right place for their headquarters. They see the talent, the technology, and the transportation network for a company like theirs that has a global reach," he said Monday.
The company signed a lease at 1045 W. Randolph St, Oprah Winfrey's former Harpo Studios campus, which developer Sterling Bay reportedly bought for $30.5 million in 2014.
"We are a brand on the move in more ways than one," said McDonald's President and CEO Steve Easterbrook. "Moving our headquarters to Chicago is another significant step in our journey to build a better McDonald's. This world-class environment will continue to drive business momentum by getting us even closer to customers, encouraging innovation and ensuring great talent is excited about where they work."
Oak Brook village manager Riccardo Ginex said he was notified of the move minutes before the official announcement. Despite the loss of Oak Brook's biggest corporate resident, he said he bears no ill will.
"We wish nothing but the best for McDonald's. They've been a fantastic corporate partner for the village. We wish them the best. We understand it's a business decision," he said.
McDonald's corporate headquarters has been in Oak Brook since 1971. Ginex said the move opens up an opportunity for another business to move in.
The village doesn't have a property tax, so there's no revenue lost there, but it will lose out on utility taxes and sales taxes from purchases by employees who work on the McDonald's campus.
The new headquarters in Chicago also will house Hamburger University, one of seven worldwide locations, providing a state-of-the-art learning center for the company's future leaders and employees.
"Nowadays, it's a much more nimble, much more fast-paced company," Morningstar's R.J. Hottovy told CBS 2's Vince Gerasole earlier this month.
That new management style may not fit with McDonald's sprawling and expensive-to-maintain 150-acre suburban campus in Oak Brook. Getting more of their 2,000 employees under one roof, say analysts, is key to the company's current goals.