Giant Empty Former Office Complex in North Suburban Chicago is Ripe for Redevelopment  

A local investor group may be close to buying the former Scott Foresman headquarters in north suburban Glenview, IL, winding up foreclosure proceedings to put the property in shape for a major redevelopment, according to Crain’s Chicago Business. 

Crain’s reported that a joint venture group between Chicago’s R2 and Wheaton, IL-based T2 Capital Management recently bought the mortgage on the empty office campus. Because the joint venture owns the mortgage, they are certain to take possession of the property at an upcoming April 25 foreclosure sale, Crain’s said. 

Crain’s speculated that the 19.2-acre property, vacant for two years, might likely be redeveloped into a huge new residential development in Glenview, a high-end town where selling new homes likely would not present any difficulties for the JV. 

Photo courtesy of Inland.