Biotech company Horizon Therapeutics is set to buy the massive 70-acre campus formerly occupied by Takeda Pharmaceuticals.
The Deerfield property, which runs along the Tri-State Tollway, totals 660,000 square feet and includes five buildings. The campus went up for sale June of last year when Takeda, a Japanese firm, announced that it was shuttering its suburban headquarters and moving to Boston, sending about 1,000 employees packing.
The sale price was not disclosed, according to Crain’s, which first reported that the deal was in contract. Savills was marketing the the property, which also includes land zoned for 735,000 square feet of new development
The turnover of the massive campus, completed in 2011, shows that new office product is still desired in the suburbs. That’s despite a suburban vacancy rate that has ticked up to nearly 20 percent.
The market has seen a shift with big companies moving downtown and out of the suburbs. Developing areas like Fulton Market and The Old Post Office in the Loop have opened up opportunities for big companies to relocate.
Horizon is headquartered in Ireland but has occupied a 160,000 square foot office in Lake Forest, which will relocate to the Takeda campus. The company’s stock ticked up nearly 80 percent in 2019 amid a transition to focus on rare diseases and syndromes with few available treatments.
[Crain’s] — Jacqueline Flynn