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Naperville

Naperville Office Building to Face Auction in November

The 211,000-square-foot Park Plaza office building will be auctioned on November 16, 2026, following a foreclosure.

Updated on Oct. 13, 2026 in Commercial

Isometric editorial illustration of a generic stone and steel office building, representing a commercial real estate property undergoing an auction.
LNR Partners will auction the 211,000-square-foot Park Plaza office property in Naperville on November 16, 2026, following a recent foreclosure. AI Illustration. Upload story photo >

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LNR Partners has hired Colliers to auction the 12-acre Park Plaza property located at 215 Shuman Boulevard in Naperville. The auction for the 211,000-square-foot office building is scheduled for November 16, 2026.

Why it matters

LNR Partners initiated the sale after foreclosing on the property in April 2026 to recover funds from an $18 million loan. The building is being marketed to potential buyers as a redevelopment opportunity due to its low occupancy rate.

The Park Plaza office building covers 211,000 square feet on 12 acres of land and is currently 17 percent leased. The property features a large 172,000-square-foot block of available office space.

The players

LNR Partners

This firm specializes in the management and resolution of commercial real estate debt and distressed assets.

Colliers

This global commercial real estate services firm provides investment, leasing, and property management expertise.

Fisher Auction

This company provides specialized real estate auction services for commercial and residential properties.

Travelers Insurance

This major insurance provider is a significant corporate entity with large office space requirements across the United States.

The details

Travelers Insurance vacated more than half of the office space in 2024, contributing to the current occupancy challenges. Colliers and Fisher Auction are managing the sale, positioning the site for potential redevelopment as regional office demand fluctuates.

Timeline

  1. Travelers Insurance vacated over half of the building in 2024.

  2. LNR Partners foreclosed on the property in April 2026.

  3. Suburban office net absorption dropped by 115,000 square feet in Q3 2026.

  4. The property auction is scheduled for November 16, 2026.

Culture Shift

This property auction follows the broader trend of the decline in suburban Chicago office space inventory, which has dropped from 100 million to 93 million square feet since the pandemic. The sale highlights how shifting commercial real estate patterns are forcing owners to reconsider the utility of aging suburban office assets.

The auction of this 12-acre parcel will dictate the future use of a significant business site in the Naperville area. Local residents and stakeholders may see changes in traffic or site utility depending on whether a new owner pursues redevelopment or office usage.

The takeaway

Commercial real estate investors are increasingly looking at foreclosure auctions as a way to acquire large land parcels at reduced entry prices. Redevelopment often serves as the most viable path forward for properties that have lost their anchor tenants in a shrinking office market.

What happens next

The auction for the property at 215 Shuman Boulevard is set for November 16, 2026.

Further reading

For more information on market trends, visit Naperville Commercial.

Source note: This article includes information reported by The Real Deal New York.

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Should local officials encourage the redevelopment of vacant office buildings into new projects?