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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.
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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.