loader image

Stericycle inks 100K sf lease in north suburban office complex

Stericycle CEO Charles Alutto and the Bannockburn Lakes complex at 2355 Waukegan Road (Credit: Bannockburn Lakes)

Stericycle inked a big lease at an office complex in north suburban Bannockburn, where it is moving its headquarters as part of a larger consolidation.

The medical waste disposal company is combining from its current headquarters in Lake Forest and other area facilities into the new 100,000-square-foot space in the Bannockburn Lakes complex at 2355 Waukegan Road owned by GlenStar Properties and Walton Street Capital of Chicago, according to Crain’s.

While Stericycle’s move comes amid its stagnant earnings and falling stock prices, it’s a boost for GlenStar and Walton Street’s efforts to turn around the five-building Bannockburn Lakes campus they bought in two separate deals since 2015, for a total of $33 million.

They have spent more than $10 million improving the complex, including renovating fountains, building a bridge to a nearby forest preserve and updating building interiors.

Bannockburn Lakes is now about 29 percent vacant, just above the 26 percent average for the northern suburbs and 23 percent average among all Chicago suburbs through the second quarter, according to JLL.

GlenStar and Walton Street earlier this year sold an office complex in Rolling Meadows to Philadelphia-based Rubenstein Partners for $125 million. [Crain’s] — John O’Brien


Recommend0 recommendationsPublished in Real Estate

Share this story with your network.

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print


Recent Stories

Del Marie: locked down, but not out

The rapper-dancer-performance poet rolls with the pandemic punches. 2020 started off so well. January and February were great months for 27-year-old rapper, dancer, and performance

Read More »

Speak with a local expert now.

Learn more about this recent happening by speaking with an agent.