GlenStar Leasing Up Continental Towers

CHICAGO—The suburbs of this city are filled with office properties that tenants have abandoned over the years, but some specialists in value-added work remain committed to reviving some of the more visible buildings. Seven month ago, for example, GlenStar Properties LLC and Walton Street Capital LLC bought Continental Towers, a 911,341-square-foot, three-tower office complex in Rolling Meadows just off the I-90 expressway. The partners embarked on an $8 million capital campaign in order to upgrade and reposition the buildings and have also just completed seven leases with a total of 67,721-square-feet.

“The goal is to get the complex fully leased over the next few years,” says GlenStar’s Michael Klein. “We are doing the redevelopment in order to achieve our goal.” Currently, tenants occupy 62% of the space. In the summer of 2012, the complex was less than half full.