URGENT UPDATE: Walgreens will exit its office space at Chicago’s Old Post Office by January 2026, the company confirmed on Monday. This decision comes on the heels of its recent acquisition by private equity firm Sycamore Partners and marks a significant shift in the company’s operational strategy.
“We are renewing our focus on our stores and customer experience, which has led us to make this decision,” said spokesperson Fraser Engerman. While Engerman did not disclose the number of employees currently working at the Old Post Office, Walgreens previously moved many of its digital and IT personnel to this prominent downtown location in early 2020. This move made Walgreens one of the first tenants in the building after its transformation into a premium office space.
The announcement also follows a major corporate restructuring for Walgreens Boots Alliance, which was sold in August 2023 to Sycamore Partners. This acquisition took the company private and resulted in the division of Walgreens Boots Alliance into five separate entities: Walgreens, The Boots Group, Shields Health Solutions, CareCentrix, and VillageMD.
The exit from the Old Post Office is a pivotal moment for Walgreens as it re-evaluates its priorities amid an evolving retail landscape. The move may impact the downtown Chicago area, which has seen a resurgence in office developments.
As Walgreens pivots towards enhancing its in-store customer experience, industry observers are keenly watching how this strategic shift will unfold. Stay tuned for more updates as this story develops.
