In 1998, American Landmark Properties purchased the 1,600,000 square-foot Insurance Exchange Building in Chicago, Illinois, for $55,000,000. This 1929 vintage Class C property was formerly owned by Helmsley Spear and was only 30% leased to poor credit tenants at the time of acquisition. In addition, the property was in a state of overall disrepair and required major renovation to compete in the market.
American Landmark Properties completely renovated this Chicago landmark in 2000, working with the world-renowned Lucien Lagrange Architects. Renovation of the property included virtually every component of the property, including the exterior façade, window replacement, a new 22-story atrium with a 6,000-square-foot skylight, replacement and modernization of all passenger elevators, new mechanical and HVAC, restrooms, and an entirely new 400-stall parking garage. The total cost of this comprehensive renovation program exceeded $160 million.
The Insurance Exchange Building renovation received numerous accolades, and American Landmark Properties successfully transformed the building to Class A status. These improvements enabled American Landmark Properties to lease the building to over 95% occupancy, and the building was subsequently refinanced at $250,000,000 and sold.