OAK BROOK, Ill., Jan. 19, 2017 /PRNewswire/ -- Retail Properties of America, Inc. (NYSE: RPAI or the "Company") announced today that the office property formerly known as Zurich Towers will now be named Schaumburg Towers. Additionally, the Company has signed two new leases with Great American Insurance Group and Swiss Re for approximately 78,000 square feet.
Schaumburg Towers is an office building with twin 20-story towers totaling approximately 895,000 square feet, located in Schaumburg, Illinois. The property is situated adjacent to Woodfield Mall, a Class A shopping mall easily accessible from two major highways. To date, the Company has released approximately 387,000 square feet in collaboration with marketing agents Steven Kling and David Florent of Colliers International.
Great American Insurance Group is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses, and the sale of traditional fixed and fixed-indexed annuities. Great American Insurance Group will occupy approximately 44,000 square feet, and is expected to take possession of their space in the fourth quarter of 2017. Great American Insurance Group was represented by Mark Kolar of JLL.
Swiss Re is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing directly, and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients throughout the world. Swiss Re will occupy approximately 34,000 square feet and is expected to take possession of their space in the second quarter of 2017. Swiss Re was represented by Sven Sykes and Thomas Volini of Colliers International.
"These new leases are a testament to the strength of the northwest suburban Chicago sub-market, and the location of this property, to attract credit tenants at market rates," stated Shane Garrison, executive vice president, chief operating officer and chief investment officer. "We will continue to work with our broker, Colliers International, to aggressively lease up the property while seeking the right buyer to take possession of the asset."
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 September 30, 2016, the Company owned 174 retail operating properties representing 26.5 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.
AVP, Public Relations & Communications
VP, Capital Markets & Investor Relations
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SOURCE Retail Properties of America, Inc.