The First Tenant Commits To Motorola's Old Suburban Campus
There are signs of life for Motorola Mobility's old Libertyville campus. Beco Management, which paid $9.5M for the asset two years ago, signed its first tenant to the 1.1M SF campus.
Valent Biosciences, which manufactures environmentally friendly pesticides, will open an 85k SF research center. It's the first tenant for Beco, which is repositioning the campus as a tech hub. Beco is spending $50M to redevelop the property, Crain's reports.
It's a sign that Beco's commitment is working. Valent plans to spend $27M to build its research center. The first phase will open next year. Motorola Mobility, meanwhile, subleased 190k SF of its Merchandise Mart HQ to liquor giant Beam Suntory and software company Velocity EHS. [Crain's]