Former Walgreens office site in Deerfield sold for suburban revamp

May 11, 2026 - 22:58

A large vacant office property in Deerfield that once served as workspace for Walgreens employees has been sold, paving the way for a new suburban mixed-use project. The deal comes several months after the seller demolished a 575,000-square-foot office building on the site, which was located near the company's former headquarters.

The property, which had been cleared of its previous structure, is now set to be transformed under new ownership. While specific plans for the redevelopment have not been fully detailed, local officials and real estate sources indicate the project will likely include a combination of residential units, retail space, and possibly some commercial or hospitality components. The sale reflects a broader trend in the Chicago suburbs where aging corporate campuses and large office complexes are being torn down or repurposed to meet changing demand for housing and walkable amenities.

The buyer, a development firm with experience in large-scale suburban projects, plans to invest significantly in the site. The former Walgreens office had been a landmark in Deerfield for decades, but the shift toward remote and hybrid work, combined with the company's own corporate restructuring, left the building underused. The demolition earlier this year cleared the way for a fresh start on the 30-plus-acre parcel.

Local leaders have expressed optimism about the project, noting that it will bring new tax revenue and residents to an area that has seen several corporate departures in recent years. Construction is expected to begin in phases, with the first buildings possibly breaking ground next year.