Deerfield’s corporate landscape is set to undergo significant changes as Fortune Brands Innovations plans to relocate its headquarters from the 697,000-square-foot Corporate 500 complex. The home and security company will occupy two buildings at the former Horizon Therapeutics campus.
Fortune Brands has agreed to create 400 new jobs in Deerfield by 2027, under an Illinois’ EDGE program that offers income tax incentives. This expansion is a result of a long-term agreement with the state, which aims to attract businesses and create employment opportunities.
However, the company’s departure leaves Prager’s New York-based Opal Holdings with a substantial vacancy to fill at a time when suburban office landlords are grappling with rising vacancies. Fortune Brands’ relocation comes as the firm is dealing with legal and financial problems across the US, including a foreclosure lawsuit over its $178 million Deerfield campus purchase.
The Corporate 500 complex, once home to Caterpillar, now faces an uncertain future with few large-scale tenants to replace Fortune Brands.
Source: https://therealdeal.com/chicago/2025/01/22/opal-holdings-loses-key-tenant-in-distressed-office-building