{"id":1004094903,"date":"2014-04-17T06:41:51","date_gmt":"2014-04-17T14:41:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004094903"},"modified":"2022-12-08T07:32:43","modified_gmt":"2022-12-08T15:32:43","slug":"jll-secures-333m-in-financing-for-zurich-north-americas-hq-in-suburban-chicago","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-secures-333m-in-financing-for-zurich-north-americas-hq-in-suburban-chicago\/","title":{"rendered":"JLL Secures $333M in Financing for Zurich North America\u2019s HQ in Suburban Chicago"},"content":{"rendered":"<p><i>By Scott Baltic, Contributing Editor <\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/ZURICH.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004094908\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jll-secures-333m-in-financing-for-zurich-north-americas-hq-in-suburban-chicago\/zurich\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/ZURICH.jpg\" data-orig-size=\"770,437\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1377546483&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"ZURICH\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/ZURICH.jpg?w=770\" class=\"alignleft size-medium wp-image-1004094908\" alt=\"ZURICH\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/ZURICH.jpg\" width=\"300\" height=\"170\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/ZURICH.jpg 770w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/ZURICH.jpg?resize=300,170 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/ZURICH.jpg?resize=768,436 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>JLL has secured more than $333 million in financing for the new 11-story, 735,000-square-foot, Class A+ suburban Chicago headquarters of Zurich North America, JLL announced Wednesday.<\/p>\n<p>The credit-tenant lease financing will be used to acquire 40 acres of land in Schaumburg and develop the building, which reportedly will be the largest BTS, single-tenant net-leased project in North America in 2014.<\/p>\n<p>\u201cThe debt service payments under the loan increase annually in conjunction with the lease payments,\u201d JLL managing director Bill Cavagnaro told <i>Commercial Property Executive<\/i>. \u201cThe loan does not require standard reserve funds due to the bond-type nature of the lease. The loan is fixed-rate, interest-only during construction and fully amortizing thereafter.\u201d<\/p>\n<p>It was also announced Wednesday that Stonemont Financial Group, of Atlanta, will be the building\u2019s landlord.<\/p>\n<p>Clayco, of Chicago, is the project\u2019s turnkey developer and design\/builder; Goettsch Partners, Chicago, is designing the headquarters core and shell, along with a parking facility; and the Chicago office of CannonDesign is the interior architect, Zurich announced last fall.<\/p>\n<p>JLL had started working with Zurich in January 2013, with a team under the direction of managing director John Musgjerd. JLL provided strategic planning; site selection; owner, architect, developer and design builder selection; capital structure; state and local incentives; and construction project management services.<\/p>\n<p>Managing director Meredith O\u2019Connor provided direction on incentives, and managing directors Bruce Westwood-Booth and Guy Ponticiello provided capital markets expertise, along with 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-rep efforts.<\/p>\n<p>The site, at the corner of Meacham Road and I-90, was formerly part of the larger Motorola Solutions property, a Zurich North America spokesperson told <i>CPE<\/i>.<\/p>\n<p>The new building will accommodate the 2,500 employees and contractors who work from the insurer\u2019s current offices on American Lane in Schaumburg. Zurich also has an office in downtown Chicago.<\/p>\n<p>Work has begun on the building, which is scheduled for completion in fall 2016, according to the Zurich spokesperson.<\/p>\n<p>Chicago\u2019s suburbs have undergone \u201ca flurry of sales and lease renewals in the first quarter of 2014,\u201d Westwood-Booth said in a release. In addition to the Zurich North America transaction, he added, \u201cIBM recently renewed its 63,000-square-foot lease here, and Central Park of Lisle I &amp; II sold for $168 per square foot.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JLL has secured more than $333 million in financing for the new 11-story, 735,000-square-foot, Class A suburban Chicago headquarters of Zurich North America.<\/p>\n","protected":false},"author":882,"featured_media":1004094908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21782,13,21742,21747],"tags":[],"class_list":["post-1004094903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-development","category-midwest","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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