Meet the buyer of Nokia’s 175-acre Illinois campus
The Naperville property was approved to be subdivided on Wednesday
Nokia is selling its longtime campus in Naperville, but it’s not saying goodbye.
The Finnish telecom firm plans to sell its entire campus to real estate firm Lincoln Property Company, but it would remain a resident at one of the large office buildings, according to the Naperville Sun.
Under the proposal cited by the paper, Nokia would keep 1,350 employees at 2000 Lucent Lane — which is home to a 1 million-square-foot building — through a leaseback with Lincoln Property Company.
Dallas, Texas-based Lincoln Property would also renovate the vacant 614,000-square-foot glass tower at 1960 Lucent Lane. Instead of Nokia, Lincoln property would look to fill the property with new tenants, according to city documents.
A 67-acre portion of the campus would be designated for residential use. Lincoln Property is under contract to sell it to Atlanta-based Pulte Home Corporation, according to the Sun. It’s not immediately clear how many homes would be constructed. A prior plan by K. Hovnanian Homes had sought about 500 homes near Interstate 88.
The Naperville zoning board approved plans to subdivide the property on Wednesday, according to the Sun.
Lincoln Property, founded in 1965 by Mack Pogue with Trammel Crow, is one of the country’s biggest mixed-use developers. It owns and operates large projects across the country, including the 15-acre mixed-use megaproject Nashville Yards, office and retail redevelopment 699 Fourteenth in Washington, D.C. and the Fifth and Colorado project in Austin, Texas, among others. [Naperville Sun] — Jacqueline Flynn