Zurich has paid just over $18 million for a loft building in Chicago’s Fulton Market, adding to a run of U.S. office deals this year by the Swiss insurer.
A Zurich investment arm last month bought the five-story building at 1020 W. Randolph St. from Chicago-based L3 Capital, property records show.
Concert giant Live Nation is an office tenant in the nearly 32,000-square-foot building, with diamond seller Brilliant Earth among ground-floor retail tenants.
L3 Capital is a frequent investor in the former meatpacking district just west of the Loop business district.
Previous dispositions of redeveloped properties included a $35.75 million sale of the Time Out Market building at 914 to 924 W. Fulton to the Italian family that controls the Campari spirits empire in 2023.
L3 Capital bought the building at 1020 W. Randolph as part of a nearly $19.2 million deal in late 2019 with Fifth Third Bank, according to CoStar data. The purchase included a nearby parking lot and a property at 932 W. Randolph St. where it developed a three-story structure partially leased to indoor mini golf concept Puttery.
It’s unclear how much L3 spent redeveloping the building at 1020 W. Randolph. The firm took out a $13.8 million construction loan from CIBC in 2022 and paid off the debt in 2024, according to property records.
Zurich and L3 did not respond to requests for comment from CoStar News.
The sale was previously reported by The Real Deal Chicago. The insurer’s head of U.S. real estate, Sean Bannon, told that publication that it has bought boutique office buildings in Denver and near Boston this year, with plans seek out investments in markets including San Francisco in 2026.
Zurich is a major employer in the Chicago area, with its North American headquarters in northwest suburban Schaumburg. Last month, Zurich North America announced plans to move its downtown office to the city’s tallest skyscraper, 110-story Willis Tower.
L3 is an investor in other Chicago neighborhoods such as the Gold Coast and Lakeview. The firm also owns properties in New York, Los Angeles, Miami, San Francisco, Boston and Washington, D.C.