Zurich Inks Deal At The Willis Tower: The Chicago Deal Sheet
Zurich North America is relocating its downtown Chicago office to Willis Tower from 300 S. Riverside Plaza.
The insurer will take up 52K SF on the 53rd and 54th floors of the Chicago skyscraper while keeping its primary headquarters in suburban Schaumburg. The company expects to transition to its new space in summer 2026.
“Chicago has always been an important part of Zurich’s story, and our relocation to Willis Tower reinforces our commitment to the city’s future,” Zurich North America CEO Kristof Terryn said in a release.
JLL's Todd Mintz represented Zurich, while The Telos Group's Nikki Kern represented owner Peerform Properties.
SALES
A 1031 exchange buyer purchased 2250 W. Berteau Ave., a 16-unit multifamily building in North Center, for $3.8M. The building was recently renovated. @Properties Commercial's David Urbaniak represented the buyer, while FairGreen Real Estate's Thomas Gibbons represented the seller.
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A local investor seeking to expand its Hyde Park portfolio paid $25.3M for a portfolio of multifamily properties in the area: the 58-unit Campus Court Apartments, the 64-unit Victorian and the 85-unit Woodlawn House. TLC Management Co. sold the portfolio. Kiser Group's Lee Kiser, Aaron Sklar and Noah Birk brokered the deal.
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J&J Equities paid $7.8M for The Annabelle, a 62-unit multifamily property at 661 W. Sheridan in Lakeview. TLC Management Co. sold the building. Kiser Group's Lee Kiser, Andy Friedman and Jake Parker brokered the deal.
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An East Coast private partnership paid $2.7M for a three-tenant retail property at 1044-1048 W. Fulton Market with a weighted average lease term of eight years. Greenstone Partners’ Danny Spitz represented the seller.
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An undisclosed buyer paid $5.6M for a 14-unit apartment building at 5069 N. Northwest Highway in Jefferson Park from a local developer. The building was constructed in 2023 and consists exclusively of two-bedroom apartments. Interra Realty's Brad Feldman represented the seller, while Interra's Michael Duckler represented the buyer.
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A first-time Chicago buyer purchased 1945 N. Winchester Ave., an eight-unit multifamily property in Bucktown, for $2.6M from a Chicago-based private investor group. Greenstone Partners' Jordan Multack represented the seller.
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A 1031 exchange buyer paid $4.9M for an eight-unit apartment building at 2034 N. Avondale Ave. in Bucktown from a local developer. The building has five two-bedroom and three three-bedroom layouts. Interra Realty's Brad Feldman represented the seller.
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Pabcor Management paid about $12.2M for Harlem Towers, a two-tower, 83-unit multifamily property at 2300-2310 N. Harlem Ave. in Elmwood Park. The property, built in 1975, includes 27 one-bedroom units, 55 two-bedroom units and one three-bedroom unit. Interra Realty's Patrick Kennelly, Paul Waterloo and Nathan Zito represented the buyer and the seller, Neder Capital Services.
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A value-add investor purchased the 28-unit Fairchild Shores at 6211 N. Kenmore Ave. in Edgewater for $5M. The in-place rents at the building are about 15% below comparable assets in the immediate area. Essex Realty Group's Steve Livaditis, Matt Feo and Rick Ofman brokered the deal.
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An institutional buyer purchased a 130K SF Walmart property at 1460 Gold Road in Rolling Meadows for $12.4M. Walmart recently signed a long-term lease extension at the property. Marcus & Millichap's Ashish Vakhariya, Seth Haron, Darin Gross and Steven Weinstock marketed the property on behalf of the private equity fund seller and procured the buyer.
LEASES
Tolead Logistics USA signed a 160K SF lease at 640 N. Central Ave. in Wood Dale. The building has 32-foot clear ceilings and 38 exterior docks. Core Industrial Realty's Ryan Mullins and Frank Damato represented the tenant, while CBRE’s Kevin Segerson and Genna Ohrn represented ownership.
CONSTRUCTION AND DEVELOPMENT
The Nicholas Family of Cos. held a grand opening for the Rosemont Ice Arena, a $34.5M indoor ice arena in Rosemont. The 103K SF facility is one of the developer's three ice arena projects in the Chicago area. The organization is also developing the 86K SF Elk Grove Ice Arena and acquired the 63K SF Glacier Ice Arena in Vernon Hills.
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Moyer Properties broke ground on a mixed-use development that will bring 105 luxury apartments and two restaurants to 400 Sheridan Road in Highwood. The developer closed on a $32M construction loan with Huntington Bank on Friday. The development team also includes Kinzie Construction as general contractor and SGW Architecture & Design as architect.
FINANCING
Black Bear Capital Partners arranged $115M in financing across four Illinois deals: $41.5M for the redevelopment of two Peoria warehouse buildings, $38M to refinance a three-property multifamily portfolio in Morton, $22.4M to refinance a Chicago retail center and $13.7M for the construction of a Lockport self-storage facility.
THIS AND THAT
Kiser Group launched an affordable housing division aimed at clients focused on mission-driven investments and community impact development. Alex Mora and Spencer Burd will lead the division, bringing expertise in affordable housing transactions, public-private partnerships and long-term investment strategies.
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Water Tower Place is teaming up with the South Loop Farmers Market to bring its indoor farmers market back for the second year in a row. The market at 835 N. Michigan Ave. will run weekly on Sundays from Jan. 11 through March 29.
