Related Person Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

Related Person Transactions

Related Person Transactions

The following discussion includes a description of our related person transactions for the years ended December 31, 2023, 2022 and 2021.

We lease office space for our corporate headquarters from Two North Riverside Plaza Joint Venture Limited Partnership, an entity associated with Equity Group Investments (EGI), a private entrepreneurial investment firm founded by Sam Zell, our former Chairman who passed away on May 18, 2023. Messrs. Helfand and Weinberg continue to be advisors to EGI and certain other members of our team are expected to continue to have limited involvement in its activities.

In December 2020, we entered into an amendment to a July 2015 lease with Two North Riverside Plaza Joint Venture Limited Partnership to occupy office space on the twentieth and twenty-first floors of Two North Riverside Plaza in Chicago, Illinois (Two North Office Lease). The amendment extended the lease term for one year, through December 31, 2021, with no renewal options. The lease payment for the extended term was $0.3 million. In December 2021, we entered into a second amendment to the Two North Office Lease, extending the lease term for one year, through December 31, 2022, with no renewal options. The lease payment for the second extended term was $0.4 million. In December 2022, we entered into a third amendment to the Two North Office Lease extending the lease term for one year, through December 31, 2023, with no renewal options. The lease payment for the third extended term was $0.4 million. In August 2023, we entered into a fourth amendment to the Two North Office Lease extending the lease term for one year, through December 31, 2024, with no renewal options and contracting square feet to the existing space on the twentieth floor. The lease payment for the fourth extended term is $0.4 million.

During the years ended December 31, 2023, 2022 and 2021, we recognized expense of $0.4 million, $0.4 million and $0.3 million, respectively, pursuant to the Two North Office Lease. The future minimum lease payments scheduled to be paid by us during the term of this lease as of December 31, 2023 are $0.4 million in 2024. As of December 31, 2023 and 2022, we did not have any amounts due to Two North Riverside Plaza Joint Venture Limited Partnership pursuant to the Two North Office Lease.