Oprah Winfrey's Harpo Studios in Chicago Sold, Then Leased Back

Image: Oprah Winfrey's Harpo Studios in Chicago Sold, Then Leased Back

Monday, 17 Mar 2014 01:22 PM

By Alexandra Ward

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Oprah Winfrey has sold Harpo Studios' Chicago campus, but the media mogul's company will continue to operate out of the facility for the next two years.

It was confirmed Monday that developer Sterling Bay purchased the four-building Harpo Studios complex in the city's West Loop for about $32 million, Crain's Chicago Business reported.

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"The property will be leased back to Harpo for two years and the studio will continue to produce programming for OWN," a Harpo spokesperson said in a statement.

Winfrey filmed her eponymous talk show on the Chicago campus from 1990 to 2011, at which time she decided to end the program in order to focus more on building her Oprah Winfrey Network.

The 3.5-acre campus employs about 200 people and the sale is expected to be final in 30 days, The Associated Press noted.

According to Chicago Business, Harpo Studios is credited with transforming the once-gritty urban neighborhood into an up-and-coming metropolitan center.

The sale is in line with Winfrey's latest attempt to downgrade her Chicago commercial real estate properties. She unloaded the retail condo that housed the Oprah Store in April 2013 and also put her four-unit duplex Water Tower Place condo on the market for $7.75 million in January, the Chicago Tribune reported.

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