CHICAGO—The suburban office market as a whole seems like it has been treading water for a while, but the demand from tenants for well-located class A properties keeps growing, and that has led many suburban landlords to begin updating their properties.
GlenStar and its institutional capital partner, for example, recently bought from Ameritus the three-story, 103,471-square-foot Bannockburn Lakes V located at 2121 Waukegan Rd. in Lake County. Like the complex's other four buildings, which it acquired in late 2015, GlenStar will reposition Bannockburn Lakes V with the goal of bringing it back to class A status. The company, which has revived other suburban developments such as Continental Towers, plans to refresh the common areas, restrooms, lobbies, exterior drive-up, landscaping and parking lots.
This is the first time one owner has gained control of the entire five-building, 524,084-square-foot complex.
And company officials say the revived Bannockburn Lakes will offer more than a set of class A spaces. It will also provide tenants and their employees with a true healthy lifestyle environment. In addition to the acres of lakes and on-site walking/jogging trails, the property directly connects to miles of Lake County Forest Preserve trails.
“There is nothing in the market like this project,” says Michael Klein, GlenStar managing principal. “We are excited to add the final piece of the puzzle.”
In the past 24 months, GlenStar has invested more than $10 million in Bannockburn Lakes. Tenants now have conveniences more often found in downtown office properties such as a conference and fitness center, tenant lounge and outdoor entertainment space.
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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.
