McDonald’s Will Move its Headquarters from Oak Brook to Downtown Chicago

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McDonald’s Corporation (NYSE:MCD) announced on Monday to move its headquarters from Oak Brook, which has been home to McDonald’s headquarters since the 1970s, to downtown Chicago by the spring of 2018.

The company will move to the former site of Oprah Winfrey‘s Harpo Studios in the West Loop, at 1045 W. Randolph St. This is not the first time McDonald’s relocated to Chicago, the company was headquartered in the city between 1955 and 1971.

Just like General Electric and Weyerhaeuser, McDonald’s relocation from suburban headquarters to downtown will attract more top talented, young and educated people.

“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,” Chief Executive Steve Easterbrook said in a statement.

McDonald’s already signed a lease for the new location in West Loop, and the Oak Brook facilities will be marketed to potential buyers. In addition to the offices, McDonald’s will also house a “Hamburger University”, which is a training center provides training to employees and leaders.

McDonald’s is welcomed by Chicago Mayor Rahm Emanuel. “McDonald’s has identified the keys to success to today’s global market, talent, technology, and access to transportation networks,” Rahm Emanuel said in a statement. “I’m proud to welcome them to our dynamic city.” However, this move will be a big loss for its original home Oak Brook. McDonald’s was the only Fortune 500 company in the suburban area, and it is still not clear how many of the 2000 employees will move.

McDonald’s shares rose 0.66% to $123.17 at 12:34PM EDT.

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