In new news for Chicago Industrial, a Chicago-based developer has announced a contract to buy medical products company Baxter International’s 101-acre headquarters, as demand for space continues to skyrocket.
According to Crain’s, Bridge Industrial plans to buy the campus in Deerfield, Illinois, which Baxter put on the market for sale last spring, eight months after the company resolved to reduce its office footprint as more of its employees work from home more frequently.
This is not a new trend, but projects of this kind are being seen more and more, further exemplifying the weakness of the office sector and the staying power of the work-from-home movement.
Similarly, Nevada-based Dermody Properties has begun demolishing buildings on the former Allstate headquarters campus in Glenview, Illinois, where it plans a 10-building, 3.2 million-square-foot logistics campus after buying the site for $232 million, Crain’s reported.
The pending purchase price of 1 Baxter Parkway is unclear, but Crain’s said Bridge has a deal to pay between $90 million and $100 million for the property, which includes 10 buildings totaling nearly 646,000 square feet between Saunders Road and Interstate 94/294 North of Lake Cook Road.
The project could also come with a zoning challenge. 1 Baxter Parkway has a Deerfield address but is located in unincorporated Lake County between Deerfield and Riverwoods. The project would likely be reviewed by officials in both municipalities and the property could be formally annexed by one of them.