InvenTrust to Downsize HQ in Suburban Chicago
- Apr 21, 2017
Come this summer, InvenTrust Properties Corp. will have a new home in suburban Chicago. The REIT has announced plans to relocate its headquarters into 22,000 square feet of space at the Highland Landmark II building located at 3025 Highland Parkway in Downers Grove. That’s less than half the amount of space the company currently occupies at 2809 Butterfield Road in Oak Brook, Ill.
The smaller corporate headquarters is expected to reduce InvenTrust’s operating expenses while working out more inventive office space, underlying the company’s long-term strategy to become a more disciplined organization focused solely on multi-tenant, open-air retail centers.
“With an open floor plan, InvenTrust’s employees will benefit from an office environment more conducive to collaboration and communication, better stimulating teamwork and efficiency throughout all levels of the organization,” Thomas McGuinness, president & CEO of InvenTrust, said in prepared remarks.
Situated on more than 11 acres in suburban Chicago’s Eastern East-West Corridor, the eight-story Highland Landmark II building was completed in 1998 by the Opus Group and offers 277,814 square feet of office space. James Campbell Co. acquired the building in fall 2014 for $62 million from GLL Real Estate Partners. According to Yardi Matrix, the property also includes 1,000 square feet of retail space.
Image courtesy of Yardi Matrix