Stericycle inks 100K sf lease in north suburban office complex

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