Shifting priorities, space needs behind decision to sell former Sears campus, company says
The planned sale of the sprawling former Sears headquarters in Hoffman Estates is the result of shifting business priorities that have reduced the need for the 30-year-old corporate campus, according to a company statement Wednesday.
Transformco, the company formed out of Sears' 2018 bankruptcy, intends to put the 2.4 million-square-foot office complex and surrounding 120 acres on the market in early 2022, Hoffman Estates officials confirmed earlier this week.
In its first statement about the sale Transformco said it continues to focus primarily on growing its Home Services, Transform Brands (Kenmore and a licensee of DieHard), real estate and Shop Your Way businesses.
"These changes have reduced our needs for a corporate campus that was built 30 years ago for the needs of a more centralized business," the statement reads. "In particular, our Sears Home Services division continues to grow its network of nearly 3,500 technicians that service the installation, maintenance, repair and protection needs of over 4 million homeowners while in their home.
"As we provide all our valued associates with safe and productive work environments under a mix of in-office, remote and hybrid arrangements, we are exploring development opportunities for the Hoffman Estates property that enhance its value for both associates based there and the broader Hoffman Estates community," the statement concludes.
Hoffman Estates officials expressed optimism over the sale Tuesday, with Mayor William McLeod saying the property has potential similar to the former AT&T campus that's being redeveloped with a mix of office, retail, entertainment and residential uses.
The sale's announcement comes a month after Transformco shuttered its Sears store at Woodfield Mall in Schaumburg, the company's final department store in Illinois.