INLAND ACQUIRES ZURICH TOWERS
Inland Western Real Estate Trust Inc., an affiliate of Inland Real Estate Group, acquired the North American headquarters of Zurich Financial Services AG, at 1400 and 1450 American Lane in Schaumburg, IL. The purchase price of the twin-tower complex was $140 million, or approximately $173 per square foot, and included a leaseback to Zurich Financial.
As a part of the deal, Zurich is guaranteed a flat net rent of $11 per square foot, excluding taxes and expenses, for 22 years. The numbers are based on a measurement of 808,000 square feet of space for the twin-tower complex, built in 1988.
Inland Real Estate Acquisitions, Inc., represented the buyer. CB Richard Ellis Inc. handled the sale/leaseback for Zurich Financial Services.