Representative Transaction: Sale/Leaseback
Zurich North America |
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| Manage the execution of a sale/leaseback on its 808,000-square-foot Class “A” headquarters facility in Schaumburg, Illinois. Zurich’s objectives were to maximize proceeds on the sale, minimize ongoing rent in the leaseback, control the property under a defined rent schedule for at least 20 years, and close the transaction in less than three months. |
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| Within a two-week marketing period, CBRE generated 50 bids, primarily from domestic investors but also from European, Asian and Canadian buyers. By selecting a 12-year bid from a leading private REIT buyer, Zurich was able to reduce its rent commitment by $75 million without foregoing sales proceeds. Through the fixed rent renewal option bidding requirement, Zurich was also able to secure essentially a flat rent schedule for 22 years. |
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