CHICAGO–Third Millennium Group, LLC and The Telos Group, LLC announced today that Zurich American Insurance Company (“Zurich”), has signed a lease for approximately 107,000 square feet at 300 South Riverside Plaza in Chicago’s West Loop. The firm is the North American operating subsidiary of Swiss based insurance giant, Zurich Insurance Group, and will move into space currently occupied by a division of insurance holding company AIG.
The Zurich lease represents more than half the space in the AIG lease that was scheduled to expire in mid-2014. In a three-way transaction, the ownership of 300 South Riverside negotiated an early termination of the AIG lease in order to accommodate Zurich’s occupancy date. This solution allowed the space to remain occupied with no downtime and leaves the building over 91% leased long term.
Joseph Mizrachi of Third Millennium Group,LLC, members of the investor group that owns 300 South Riverside, said “Together we created a solution which added significant value to 300 South Riverside, and affirms the property as an institutional quality real estate asset. AIG, Zurich and Third Millennium all realized value from this transaction, and it supports the execution of all our respective strategic objectives.”
The Telos Group, LLC structured the transaction on behalf of the building ownership. Matt Pistorio, Senior Vice President of Telos, said, “This was a complex transaction that required creativity and flexibility from everyone involved. We are pleased to represent an ownership group with the confidence and foresight to pursue this early recapture of the AIG space.”
Todd Mintz and Andy Strand of the Chicago office of DTZ represented Zurich, while David Findling of Cushman and Wakefield represented AIG.
About 300 South Riverside Plaza
300 South Riverside is a 23-story, 1.0 million-square-foot, Class A tower in Chicago’s West Loop. A sleek and contemporary exterior is mirrored throughout the interior space of this state of the art building which is home to national and international corporations. Located on the Chicago River, the building has unimpeded views from all perspectives. The building is adjacent to Union Station and steps to Ogilvie Transportation Center. In addition, the location offers direct access to Interstates and close proximity to the CTA train and bus lines. The building’s large efficient floor plates are ideal for modern, collaborative office environments.
About Third Millennium Group, LLC
The Third Millennium Group, LLC is a private equity firm dedicated to investing along with corporations and private funds in the purchase, management, and growth of real estate portfolios and corporate buy-outs. The firm has established a solid reputation for highly customized financing solutions and flexibility to meet specific needs. In Chicago, in addition to 300 South Riverside, the group controls 540 West Madison, a 1.2 million square foot trophy tower which it purchased from Bank of America in late 2012. Tolearn more about Third Millennium Group, LLC, visit www.thirdmillenniumgroup.com
About The Telos Group, LLC
The Telos Group, LLC provides leasing, marketing and consulting services for Chicago area building owners and consulting services for real estate businesses nationwide. Formed in 2012, Telos Group combines industry expertise with goal-driven processes to implement progressive and aggressive solutions for its clients. On behalf of its property owner clients, The Telos Group is currently leasing nearly 11 million square feet in exclusive leasing assignments. The firm was awarded Office Property Representative of the Year in March of 2013 by the Chicago Commercial Real Estate Awards. To learn more about The Telos Group LLC, visit www.telosgroupllc.com.