Schaumburg Towers back on the market five years after $86.7 million purchase

Last sold in 2018 for $86.7 million, the iconic 21-story Schaumburg Towers that formerly housed Zurich North America is again on the market.

American Landmark Properties, the Skokie-based real estate investor that bought the towers five years ago, has engaged the services of Cushman & Wakefield to market the 882,071-square-foot property at 1400 and 1450 American Lane, near Woodfield Mall.

According to Cushman & Wakefield's marketing materials, the Schaumburg Towers are 77.3% leased, with an average unexpired lease term of nearly eight years. Almost $19 million has been spent on common-area improvements and asset amenities under the current ownership, the broker states.

Representatives of American Landmark Properties and Cushman & Wakefield did not respond to requests for comment.

Schaumburg Economic Development Director Matt Frank said the reasons for the sale were not given to village officials.

One tower is home to the headquarters of Paylocity, while two other major tenants - RSM and Ally Financial - moved into the second tower last year.

"This is a Class A trophy building in Schaumburg, well leased," Frank said. "This is not a distressed property."

According to the listing information, Tower I has more than 65,000 square feet available for lease and Tower II has more than 38,000 square feet available.

The property also includes an attached parking garage with 3,160 spaces.

Tower I was completed in 1986, Tower II in 1988, and both underwent renovations from 2017 to 2019.

Zurich North America relocated in 2016 to its current 783,800-square-foot headquarters on the southeast corner of the former Motorola campus along the Jane Addams Memorial Tollway at Meacham Road.

As with many other companies, Zurich's use of its office space was altered by the COVID-19 pandemic in 2020.