CHICAGOBUSINESS.COM I JUNE 17, 2024
Here’s this year’s ranking of the fastest-growing companies PAGE 11
What will become of Aon’s Lincolnshire complex? It’s hitting the market amid of a wave of suburban office transformations, which can run afoul of municipalities By Danny Ecker
A 31-acre Aon office campus that anchors Lincolnshire’s economic engine is being marketed as an opportunity to turn a large swath of real estate into something else, a new test of developers’ appetite for transforming underused suburban office properties. San Diego, Calif.-based Realty Income has hired brokerage CBRE to seek a buyer for the 4 Overlook Point office complex in the northern suburb, according to a marketing flyer. The site in the heart of the 330-acre Lincolnshire Corporate Center campus is a longtime office of insurance giant Aon, whose lease for the entire 818,686-square-foot office complex on
the property is due to expire at the end of this year. The offering is one of many big office complexes whose future will help define the post-pandemic character of suburban Chicago, a landscape shaped over the past 50 years by sprawling corporate campuses. Companies have collectively shed more than 3.8 million square feet of office space across the Chicago suburbs since the beginning of 2020, attrition that has emptied out big office properties and pushed the share of available space to an all-time high of nearly 31%, according to data from brokerage Jones Lang LaSalle. Office buildings that are mostly vacant See OFFICE on Page 20
An aerial view of the 4 Overlook Point property in Lincolnshire. | GOOGLE EARTH
VOL. 47, NO. 24 l COPYRIGHT 2024 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED
POLITICS Democrats are relying on increased revenue from gaming to fill the state’s budget gap.
REAL ESTATE Downtown rents cool off as new high-rises open, more apartment units hit the market.
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