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LAKE FOREST, IL-Solo Cup Co. will move its corporate headquarters next year to 133,000 sf in an office building at 150 S. Saunders, from Illinois facilities in Highland Park and Lincolnshire. “Currently we’re spread across three buildings for our corporate office,” a spokeswoman for Solo tells GlobeSt.com. “It will be far more efficient for us to be in one building. There will be more collaboration possible.”

Solo will fully occupy floors two through four of the four-story building, along with half of the first floor, the spokeswoman says. Neither the spokeswoman nor Grady Hamilton, with building owner Opus North, would disclose a lease rate, but the lease term is 15 years. Average lease rates for office space in the north suburban submarket range from $22 to $26 per foot, according to a second quarter Grubb & Ellis market report. The 160,000-sf building, known as Opus Landmark of Lake Forest II, was built in 2007, and will be 100% occupied when Solo moves in. Other tenant names were not available.

Solo has also announced plans to sell its two Highland Park properties, at 1700 and 1660 Old Deerfield Rd. A spokeswoman says the company has signed a letter of intent to sell the properties to Annenberg Investments Ltd and Monroe Investment Partners LLC. The sale is expected to close in December, the spokeswoman says. She would not disclose the sale price. The two properties, in combination with an adjacent manufacturing facility which will close in July 2009, represent a total of 309,000 sf, the spokeswoman says. The plant is closing due to reduced need for it because of increased efficiency at the company’s 13 other manufacturing facilities in North America. The company will also vacate space it previously leased at 200 Tri State International in Lincolnshire.

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