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American Landmark Picking Up Former Zurich HQ for $88M
American Landmark Properties is buying the former headquarters of Zurich in Schaumburg, IL from Oak Brook-based REIT Retail Properties of America for a reported $87.6 million. The mostly-vacant 21-story office towers are located at 1400 and 1450 American Lane.
The 882,071-square-foot property has been renamed Schaumburg Towers. The deal will involve American Landmark Properties’ raising outside capital to complete the acquisition. The company notes it is halfway to its goal of $29.9 million needed.
The Skokie, IL-based buyer plans to use that money and $57.7 million in debt to finance its purchase. It also will arrange another $59.8 million to complete initial capital improvements and lease-up of the buildings, which are currently more than half-empty.
A portion of the space that Zurich vacated in 2016 has been back-filled by the seller, which already invested $9 million into upgrading the property’s common areas and adding amenities.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition