Continental Towers Way Ahead of Schedule

CHICAGO—Verizon Wireless has just agreed to move its Elgin, IL-based Care Center to the recently renovated Continental Towers at 1701 Golf Rd. in suburban Rolling Meadows. By doing so, it will push the occupancy rate up past 90%, a far cry from where things stood in 2013 when GlenStar Properties and Walton Street Capital LLC bought the 911,341 square foot project. After the loss of its anchor tenant and after several years with an under-capitalized owner, occupancy had sunk to less than 50%. But the new landlords seem to have won their bet that the property would recover if it was properly developed.

“We just had excellent activity across the board from the beginning and are well ahead of schedule for this project,” Dave Trumpy of GlenStar tells GlobeSt.com. And he urges those who think the suburban office market is dead to take another look.