Office

Discover Financial Services - Chicago

Chicago, IL, US

Discover Financial Services - Chicago_Property for Sale

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Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer for sale the Discover Customer Care Center in Chicago, IL (the “Property”). The 127,169-SF, newly renovated Property is 100% net-leased to Discover Products, Inc., with a corporate guaranty from investment-grade Discover Financial Services (“Discover”) and over nine years of remaining term. Discover (NYSE: DFS) is one of the largest digital banks and payment partners in the U.S., booking record earnings in 2021 and widely known for rewards, service, and value. The Property is Discover’s first new customer care center in 20 years and is a testament to Discover’s commitment to making an impact in the community, advancing diversity and inclusion, and attracting and retaining talent. Benefiting from over $25 million ($195+ PSF) in Tenant investments and landlord’s improvement allowance, the Property is already a top performer in terms of customer feedback surveys and is expected to house ±1,000 employees by 2024.

Attributes

Building area Net
127,169 sf
Occupancy
100.00%
Year built
2002

Investment highlights

  • Long-term net-lease with over 9 years remaining and 3.00% annual escalations
  • Corporate guaranty from investment-grade Discover Financial Services (NYSE: DFS) 
  • High-impact investment with 25,000 SF multi-purpose space for community use
  • Dense, infill Chicago location with direct access to major thoroughfares I-94 and I-57
  • $25+ million invested in Class 'A' office space that will house ±1,000 employees
  • Top performing Discover call center in the country with 94% customer satisfaction


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Last updated
Nov 30, 2022