One of the suburbs’ biggest companies is relocating
Diversified manufacturer Illinois Tool Works plans to move its corporate headquarters, but it isn’t going far. It won’t even have to change the Glenview dateline in its news releases.
ITW, one of the Chicago area’s leading public companies, confirmed through spokeswoman Alison Donnelly on Tuesday that it has a contract to purchase the former Kraft office campus at the northwest corner of Golf and Waukegan roads. She said the sale is expected to close later this year.
About 500 headquarters workers will move from ITW offices at 3600 W. Lake starting in late 2014, she said.
Donnelly said the headquarters staff has outgrown the Lake Avenue location. The property will be retained for other departments, she said.
Some corporate real estate brokers had wondered if ITW would join the parade of companies forsaking the suburbs for a trendier workplace downtown, a shift said to appeal to younger employees. But Donnelly said a city move wasn’t considered.
“We were always committed to staying in a 10-mile radius to minimize the disruptions for our workforce,” she said. The Golf and Waukegan site amounts to about a 5-mile move.
Donnelly wouldn’t discuss the price for the Kraft property, but she said the seller was Itasca-based developer Hamilton Partners, which disclosed last summer its intention to buy the 57-acre tract. Hamilton executives did not return calls.
ITW has a contract to buy 49 acres of the site, including office buildings that total 500,000 square feet, Donnelly said.
Most of the property is in Glenview, with some acreage in Morton Grove. Kraft Foods Group, which has gone through a corporate split, is expected to vacate the site late this year.
Donnelly said ITW has been based at the Lake building since the 1980s when it acquired industrial packaging producer Signode.
DOING THE DEALS: MB Real Estate found a football field for Robert Morris University. Robert Morris signed to use a stadium at 2123 S. Goebbert Road in Arlington Heights owned by Township High School District 214. The deal includes naming rights for the new Morris Field…. Inland Real Estate Brokerage & Auction Inc. represented the buyer in the sale of a 45,000-square-foot office building at 520 W. Erie St. A source said the price was $6.1 million…. Baum Realty Group said it represented Kidville in its first Chicago lease. It will open at 1030 W. North Ave. Kidville signs up memberships for families with children under age 7, and offers classes and the ubiquitous birthday parties…. Engineering firm Wiss, Janney, Elstner Associates Inc. expanded its lease at 10 S. LaSalle St. by 20 percent, to 18,000 square feet. Tenant advisory firm Studley represented the firm.
David Roeder reports on real estate at 6:22 p.m. Thursdays on WBBM-AM (780) and WBBM-FM (105.9). The reports are repeated at 10:22 p.m. Thursday and 7:22 a.m. Sunday.
ABOVE: Future site of the Illinois Tool Works. Photo by Al Podgorski.