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.
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