Continental Towers' Occupancy Hits 70%

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.