Walgreen wants to sell its Deerfield headquarters
Walgreen said Tuesday it plans to sell its corporate headquarters in Deerfield. The company will remain in the 38-acre complex on a 10-year lease.
The asking price for the six buildings encompassing 574,000 square feet is $85 million, said Jones Lang LaSalle, the firm Walgreen hired to sell the property.
Companies use a sale-leaseback strategy with property when they want to extract cash from it and use it elsewhere. In the Chicago area, large companies such as CME Group, Bank of America and Kraft Foods Group have tried it.
Walgreen said the decision will not lead to changes in its employee count in Deerfield. The company said more than 5,000 people work at the Deerfield headquarters.
Spokesman Jim Graham said the sale will “generate capital for reinvestment in our core business, including improvements and innovations in our retail drug stores. We believe that is a more productive and beneficial use of our capital.”
The buildings being sold are on the south side of Lake Cook Road with addresses of 1411 to 1435. They were built from 1976 to 1989.
Photo by Tim Boyle