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After months on the market, Oprah Winfrey’s Harpo Studios’ Campus is set to be bought by Chicago based developer Sterling Bay.
A lease-back agreement will see Winfrey’s company remain at the Chicago site for two years before Sterling Bay moves in.
According to Crain’s Chicago Business, the site will sell for around $32 million, with the deal set to take effect in 30 days.
“We have entered into a purchasing agreement with Sterling Bay for the four-building Harpo Studios Campus in Chicago’s West Loop. The property will be leased back to Harpo for two years and the studio will continue to produce programming for OWN,” said a Harpo spokesperson in a statement.
Harpo Studios was launched in 1990 by Winfrey, whose hit talk show, “The Oprah Winfrey Show”, was filmed on the site. She disbanded the show in 2011 to begin her Oprah Winfrey Network.
Harpo now employs over 200 workers in Chicago at the site which spans 3.5 acres.
