Rosemont inks $1.4 million deal to lure corporate headquarters from Westchester

A company will get $1.4 million to move its corporate headquarters from Westchester to Rosemont, under an economic incentive deal approved by the latter village’s board.

RB Global plans to bring 300 employees, along with other remote workers, to its new 40,000-square-foot office space at 9377 W. Higgins Road by 2027, officials said.

The asset manager and auctioneer of vehicles and heavy equipment is moving from the Westbrook Corporate Center at Cermak and Wolf roads to the Riverway office complex at Higgins and River roads.

Rosemont officials say they customarily provide incentives to companies who re-tenant vacant office space in town, believing the return on investment will yield sales, hotel and food and beverage tax proceeds. Funds generally come from tax increment financing — the economic development tool the tiny town has long used to fuel public and private building projects.

But in the case of RB Global’s new office, it’s in a TIF district that expired long ago — on the site of an old garbage dump.

That led village officials to draw up and ink a separate, formal agreement for village board members to approve Monday.

“They’re excited. They want to be part of the Rosemont community,” Mayor Brad Stephens said of the company.

Terms of the deal call for RB Global to maintain its office presence in Rosemont for 10 years and have at least 275 employees at their cubicles three days a week.

The company will get $1.4 million to help offset office renovation and furniture costs estimated around $10 million, officials said.

A pro rata recapture of the incentive is included in the deal, should the firm fall short of the benchmarks.

The Riverway complex — a three-building, 863,000-square-foot Class A commercial office property — is home to major corporate tenants such as US Foods and Culligan. Honeywell moved to an adjoining building two years ago, and the popular Carlucci Italian restaurant opened there in 1990.

While occupancy of one of the buildings is “pretty full,” the other two are at about 60%, Stephens said.

cplacek@dailyherald.com