CHICAGO – Lincolnshire, IL-based Takeda Pharmaceuticals North America, Inc., has acquired a 70-acre prime development site in Lake County from Deerfield, IL-based Baxter International Inc. (NYSE: BAX) for a new corporate headquarters campus.
Takeda was represented in the transaction by Henry H. Cox and Robert A. Reaumond, both Senior Vice Presidents of CB Richard Ellis, Inc. Newcastle Limited*, a Chicago-based national real estate advisory and development firm acting on behalf of Baxter, conducted a sealed-bid offering on the property, located adjacent to Baxter’s 650,000 SF World Headquarters facility in Deerfield, IL.
“Because this is one of the most coveted development parcels in the Chicago metropolitan area between O’Hare International Airport and Route 60, we experienced a spirited response to this offering. Takeda made a straightforward offer that achieved all of Baxter’s objectives,” said Michael R. Haney, President of Newcastle.Takeda Pharmaceuticals North America, Inc., was founded in 1998 and is a wholly owned subsidiary of Takeda Chemical Industries, Japan’s largest pharmaceutical company. In 1999 the company relocated to a 13,716 SF office at 475 Half Day Road in Lincolnshire, one of the first tenants to move into the 70-acre, upscale, mixed-use Millbrook Business Center, which straddles Buffalo Grove and Lincolnshire. Over the next few years, the company expanded four times and currently leases 130,154 SF in two offices at Millbrook.
Located 22 miles north of Chicago’s Central Business District and 12 miles north of O’Hare International Airport, the land is strategically located in West Deerfield Township in the northeast quadrant of the Lake-Cook and Saunders Roads four-way interchange at I-294, which provides immediate access to the entire tollway system. The property has excellent frontage and visibility along Lake-Cook Road, I-294 and Saunders Road. Zoned for office and commercial development, the site is ideal for a potential 1,600,000 SF first-class, mixed-use project in either Lake County or the Village of Deerfield.
About Newcastle Limited
Chicago-based Newcastle Limited is a national commercial real estate firm serving governmental agencies, institutions, not-for-profit organizations, corporations and private investors. The firm’s strategic advisory, development and investment services are designed to reduce project risk and maximize asset value. To learn more about Newcastle, call Mike Haney at (312) 683-3113 or visit the company website at www.newcastleinvestors.com.