Now that the former headquarters of Motorola Mobility in Libertyville is up for sale, who’s likely to buy it?
Before we think about it - consider first that the most recent vacancy rate for similar office space in Libertyville is 28.7 percent - almost twice as high as in the city.
That’s before you take into the account the Motorola Mobility campus in Libertyville. It sits on 84 acres and is more than a million square feet of office space. To give you an idea of the size, the Merchandise Mart - where the workers are moving - is four times that size.
"If in fact this building were to be added to the competitive market it would add approximately 10 percent to the total inventory in that area," said Robert Kramp, who directs regional research for the Great Lakes for Jones Lang LaSalle, the commercial real estate services firm.
Bult in 1992, the property is really designed as a corporate headquarters. It has 3400 parking spaces. But Kramp thinks convincing a company to move or expand to Illinois right will be a tough sell.
"Given the challenges that currently face the state of Illinois in addition the fact that the economy has barely begun to recover - not withstanding the uncertainty that is still associated with the federal budget impasse - it will be a very challenging market for this particular property," Kramp said.
Libertyville Mayor Terry Weppler says the state has already committed to helping find potential tenants.
"I would prefer that there were multiple tenants," Weppler said, adding that it would lessen the chance of another big company coming in and then leaving.