Skip Ribbon Commands
Skip to main content

News release

Chicago

Financing Now Complete for Zurich North America’s Headquarters in Suburban Chicago

World-class building is the largest build-to-suit, single tenant net-leased project in North America in 2014


CHICAGO, April 16, 2014 –JLL announced the firm has secured more than $333 million in financing for Zurich North America’s headquarters in suburban Chicago.  The Credit Tenant Lease (CTL) financing will be used for the acquisition of 40 acres of land and the development of the largest build-to-suit single-tenant, net-leased project in North America in 2014.  The 735,000-square-foot, Class A+ office development marks a significant investment into the Schaumburg community.


Also announced today, Stonemont Financial Group of Atlanta is the landlord of the new state-of-the-art facility and Clayco of Chicago is the turnkey developer and design/builder. The firms specialize in the development of build-to-suits.  Goettsch Partners of Chicago is designing the headquarters core and shell, along with the parking facility. The Chicago office of internationally-recognized CannonDesign is the interior architect.

“Chicago’s suburban submarket is rapidly gaining strength with a flurry of sales and lease renewals in the first quarter of 2014,” said Bruce Westwood-Booth, Managing Director, JLL’s Capital Markets.  “The fact that one of the largest insurance companies in the world is choosing to remain here is proof of the solid trajectory of the submarket.  In addition, IBM recently renewed its 63,000-square-foot lease here and Central Park of Lisle I & II sold for $168 per square foot.  Chicago’s suburbs are definitely on the upswing.”

The new Zurich North America headquarters is designed to reflect the company’s global reach, strength and world-class organization.  The architectural character of the campus reinforces an image of reliability and success through its bold simplicity in form, a timeless material palette, and its commitment to sustainability.  It is located in close proximity to the area’s highway system and is less than 30 miles from Chicago’s Central Business District.

“Zurich North America is a very strong credit tenant.  This made the CTL financing extremely appealing to the lending community,” said Brion Haist, Executive Vice President, JLL’s Capital Markets. “The loan is structured to align with the lease, benefiting both the landlord and tenant.” 

Under the direction of John Musgjerd, Managing Director, who led the team on this transaction, JLL began working with Zurich in January 2013.  JLL provided strategic planning, site selection, owner, architect, developer, design builder selection, capital structure, state and local incentives and construction project management services.

“This project was put on a fast track but the collaboration among all parties proved strong by procuring the highest-quality designers, developers and ownership, and securing debt financing and municipal initiatives,” said Musgjerd. “In the end, an exciting plan that will benefit the entire community was established on time and on budget.”

Managing Director Meredith O’Connor provided direction on incentives, Managing Directors Bruce Westwood-Booth and Guy Ponticiello provided Capital Markets expertise, along with Managing Director Bill Cavagnaro and Executive Vice President Brion Haist who executed the credit tenant leasing financing.  Managing Director Jim Plummer and Senior Vice President Jerry Riordan led tenant representation efforts.

-Ends-

About JLL 

JLL (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $4 billion, JLL operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. For further information, visit www.jll.com.