JLL Named Leasing Agent for Bannockburn Lakes, a 530,000-Square-Foot Office Campus in Suburban Chicago

BANNOCKBURN, Ill. – August 12, 2025 – JLL announced today it has been selected to lead leasing efforts for Bannockburn Lakes, a five-building, 530,000-square-foot office campus spanning 48-acres at 2333, 2345, 2355, 2201 and 2121 Waukegan Road in Bannockburn, Illinois. The property is owned by IAG Holdings, LLC.

The new site will be repositioned with a modern mixed-use vision, with two of the five office buildings slated for redevelopment to accommodate new uses that will enhance the property’s appeal and community engagement. The remaining three buildings will continue to serve office users, including one single-tenant building and two multi-tenant buildings targeting small and mid-size tenants.

JLL’s Chris Cummins, Managing Director, and Julie Koelzer, Vice President, are leading leasing efforts for the office component on behalf of ownership.

“Bannockburn Lakes is unlike anything else in the market today—it's a modern reinvention of a suburban campus, purposefully blending office, recreation, and service uses in one location,” said Cummins. “With significant investment in building updates and amenities, this project offers the connectivity and convenience today’s tenants want, paired with the tranquility of a park-like setting.”

The campus offers exceptional visibility and direct access to Interstate 94 and Route 22. Planned upgrades include improvements to lobbies, common areas, parking lots, and the creation of move-in-ready spec suites. Existing amenities include a fitness center, conference facilities, and a grab-and-go café.

“The vision for Bannockburn Lakes is to create a best-in-class destination in the north suburbs that supports businesses, families and the broader community,” said Anthony Donato, Manager at IAG Holdings, LLC. "Through strategic investments, we're revitalizing the office spaces to make them more attractive to tenants, while bringing new life to the campus and preserving its natural beauty and office legacy."

According to JLL’s Q2 2025 Chicago Suburbs Office Market Dynamics report, tenant activity is showing early signs of recovery, with active space requirements up 5.8% quarter-over-quarter and demand reaching its highest level since late 2021. As leasing volume steadies and outdated properties are removed from inventory, well-located, amenity-rich assets are drawing renewed investor interest. Bannockburn Lakes—with its visibility, accessibility, and flexible mixed-use vision—is well aligned with this evolving demand.

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