Paylocity is transferring its headquarters from Arlington Heights to a Schaumburg workplace tower, the place it has signed one of many greatest suburban Chicago workplace leases up to now a number of years.
Paylocity Holding signed a 15-year lease for 309,000 sq. toes in one of many twin 20-story towers that insurer Zurich North America is leaving for a new headquarters close by later this 12 months, the corporate and landlord Retail Properties of America mentioned at the moment.
Oak Brook-based Retail Properties of America owns the towers on American Lane, which have about 895,000 sq. toes mixed, and is now trying to both lease the remaining area or promote the buildings.
Paylocity will start a phased move-in beginning late this 12 months and concluding by early 2019, the corporate mentioned. Paylocity’s present places of work are at 3800 and 3850 N. Wilke Street in Arlington Heights, which is owned by Chicago-based First American Properties.
Crain’s reported the headquarters transfer was within the works in Could, however the actual measurement of the lease was unclear on the time.
“This lease validates the market-leading visibility, facilities and site of Zurich Towers,” Shane Garrison, government vice chairman, chief working officer and chief funding officer of the true property funding belief, mentioned in an announcement. “By leasing roughly 35 % of the area to a credit score tenant at a market hire and tenant inducement package deal, we’ve taken a major step towards monetizing this asset. We proceed to aggressively pursue the twin monitor of leasing the remaining sq. toes and in search of patrons which might be keen to offer us applicable credit score for the remaining emptiness.”
Paylocity was represented within the lease at 1400 American Lane by CBRE brokers Todd Lippman and Paul Diederich. David Florent, Steven Kling and Francis Prock of Colliers Worldwide represented the owner.
It’s one among simply 4 new workplace leases of no less than 300,000 sq. toes signed within the suburbs since 2010.
“This location will accommodate our fast development and emphasize our model as a technology-driven group,” Paylocity President and CEO Steve Beauchamp mentioned in an announcement. He added: “Our new company headquarters will embody a totally renovated atrium and foyer together with numerous employee-centric options reminiscent of a state-of-the-art health middle, new leisure facilities and trendy convention and eating amenities.”
Paylocity gives cloud-based software program to company human sources and payroll departments. The corporate employs greater than 1,300 folks, in keeping with the owner.
Paylocity’s new lease consists of naming rights that may kick in as the corporate expands within the property, Retail Properties spokeswoman Kimberly Freely mentioned.
This story has been corrected to mirror that Paylocity will get naming rights as a part of the lease.
