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135,900-square-foot building at 8030 Lamon Avenue and an adjacent parcel zoned for development as a parking structure are set to be auctioned off on October 28-30. The property, part of the Illinois Science & Technology Park campus in Skokie, has been vacant despite renovations aimed at attracting life sciences research tenants. American Landmark Properties invested $21 million in redeveloping the building after purchasing it for $77 million in 2017.

    The campus is currently 95% leased, but industry-wide challenges and low demand for lab space may make the property a tough sell. The Chicago area's life sciences vacancy rate stands at 40%, significantly higher than the national average of 17%. This marks a stark contrast to two years ago when American Landmark sold most of the campus for $111 million.

    The auction will test investor confidence in Skokie's ability to sustain and grow its life sciences presence. JLL is marketing the property, which offers a glass curtain wall, upgraded elevators, and a small wet lab. Despite these features, the building remains vacant due to industry-wide challenges.