CHICAGO—Panasonic Corp. of North America, the Newark-based subsidiary of Panasonic Corp., has just signed a long-term lease for 48,813 square feet at Continental Towers in suburban Rolling Meadows, according to officials from GlenStar Properties. The company bought Continental Towers in 2013, shortly after occupancy had sunk to less than 50%, and set itself the goal of reviving the 911,341 square-foot, three-tower office complex.
The new lease brings the occupancy up to 70%, GlenStar's Dave Trumpy tells GlobeSt.com. GlenStar recently completed the first phase of a two-phase, $12 million capital improvement plan that features updated lobbies, renovated tenant corridors and washrooms as well as upgraded elevator systems. The second phase will begin this spring and will include a fully redesigned site plan, new main entrance, covered pick-up/drop-off areas and a multi-level parking deck.
The renovation has helped GlenStar convince other users to either move in or recommit to the space. As reported in GlobeSt.com, Komatsu America Corp., the US subsidiary of Komatsu Ltd., recently renewed its 105,437 square-foot lease. And last year, the occupancy rate reached 62% after Glenstar completed seven new leases. In the largest of the those leases, Ceannate Corp., a student loan collector, expanded by almost 50%, taking an additional 23,682 square feet, bringing its total to 74,340 square feet.
Panasonic will move from 5201 Tollview Rd. in Rolling Meadows, and use its new home as its Midwest regional headquarters. It will take the entire 11th and 12th floors of Tower 3 when the lease commences in June.
The consumer electronics giant will house two separate business units – each on its own floor – while reducing its overall space needs via increased efficiency. Company officials cited the new amenities, along with building signage and the fact that employees' commutes would not be disrupted, as reasons for the move.
The towers now have an amenity concourse featuring a 30,000 square-foot, full-service fitness center, a large conference facility and a Foodbarz deli. The buildings sit on a 34-acre corporate campus that provides tenants with unobstructed views, easy access to the Woodfield retail corridor and high visibility along I-90.
Mitch Loveman and Kevin Duckler with Newmark Grubb Knight Frank represented Panasonic in the transaction. Trumpy and GlenStar's Bill Debb represented ownership.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
