Illinois Tool Works has just completed the purchase of the sprawling Kraft Foods Group, Inc. campus in suburban Glenview, and town officials can breathe a sigh of relief. It was the metro area's largest office transaction this year, and will fill what would have been a gaping vacancy.
“Kraft restructured their business and as a result they've pulled out of those buildings,” says Rick Schuham, executive vice president and co-branch manager of Studley’s Chicago office. Schuham, along with John Goodman and Eric Feinberg of Studley, represented ITW in the recent negotiations. Kraft has consolidated their operations at a headquarters in nearby Northfield.
And starting next year, ITW, a Fortune 200 industrial conglomerate, will transfer its headquarters from 3600 W. Lake Ave., also in Glenview, and into the campus' two 1960's-era buildings at the northwest corner of Golf Rd. and Waukegan Rd. Another ITW company will occupy 3600 W. Lake St. The terms of the transaction were not disclosed.
Of the two glass-and-steel buildings, which total 503,000-square-feet, Schuham says “they're very spartan” and “a bit dated.” But the company plans to do a complete renovation and move employees over to the new site in phases. Furthermore, the property includes 49 acres, giving ITW the opportunity to expand if it becomes necessary.
“Illinois Tool Works is not a flashy company; they're very frugal and careful with their money,” Schuham adds. “There are a lot of companies that seek the spotlight, but they're not one of them and their real estate will reflect that.”
There are other big changes coming to the immediate area. About 8 acres of the Kraft property was carved off for an auto dealership. And in October, GlobeSt.com reported that Regency Centers Corp., a developer of grocery-anchored shopping centers, had purchased an approximately 20-acre parcel, also at the corner of Golf Rd. and Waukegan Rd., once occupied by Avon Products Inc., and now plans a 102,876-square-foot center. The developers plan to anchor their new $29.6 million center, called Glen Gate, with a 75,564-square-foot Mariano's, which they expect will open in fall 2014. And a separate joint venture plans to build a $60 million, 238-unit apartment complex on another portion of the Avon site, with occupancy expected by the spring of 2015.IL Tool Works Buys 503,000 SF From Kraft
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