OAK BROOK, Ill., June 2, 2016 /PRNewswire/-- Retail Properties of America, Inc. (NYSE: RPAI) (or the "Company") announced today that it has signed a 15-year lease with Paylocity for approximately 309,000 square feet at its Zurich Towers office building. Paylocity will phase into its total footprint beginning in late 2016 and continuing through early 2019, satisfying its immediate occupancy needs while it efficiently transitions into the new space.
Zurich Towers is a Class A office building with twin 20-story towers totaling approximately 895,000 square feet and is located in Schaumburg, Illinois. The property is situated adjacent to Woodfield Mall, a Class A shopping mall easily accessible from two major highways.
"On previous earnings calls, we alluded to a large block lease with a cornerstone tenant at double digit leasing spreads, and that is exactly what we delivered," stated Shane Garrison, executive vice president, chief operating officer and chief investment officer. "This lease validates the market-leading visibility, amenities and location of Zurich Towers. By leasing approximately 35% of the space to a credit tenant at a market rent and tenant inducement package, we have taken a significant step toward monetizing this asset. We continue to aggressively pursue the dual track of leasing the remaining square feet and seeking buyers that are willing to give us appropriate credit for the remaining vacancy."
Paylocity is a provider of cloud-based payroll and human capital management, or HCM, software solutions for medium-sized organizations. Paylocity's comprehensive and easy-to-use solutions enable its clients to manage their workforces more effectively. Paylocity's solutions help drive strategic human capital decision-making and improve employee engagement by enhancing the human resource, payroll and finance capabilities of its clients. Paylocity has over 1,300 employees and a market capitalization of approximately $1.9 billion based on its closing share price of $37.29 as of June 1, 2016. For more information, visit www.paylocity.com.
Retail Properties of America, Inc. is a REIT and is one of the largest owners and operators of high quality, strategically located shopping centers in the United States. As of March 31, 2016, the Company owned 192 retail operating properties representing 28.3 million square feet. The Company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the Company is available at www.rpai.com.
Michael Fitzmaurice, VP - Finance
Retail Properties of America, Inc.
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SOURCE Retail Properties of America, Inc.