CHICAGO—GlenStar has acquired 10 acres of land located on the north side of the Kennedy Expressway at the Cumberland Ave. interchange in Chicago from Chesapeake Hotel Limited Partnership and Host Hotels & Resorts, LP. Tenants have already occupied much of the class A office space in the neighborhood, and company officials say new projects at the interchange will benefit those that need to attract both young city residents and older suburbanites.
“This is one of the only suburban submarkets directly connected to the CTA's Blue Line,” Michael Klein, a GlenStar principal, tells GlobeSt.com. And along with the almost instant access to O'Hare International Airport, that makes this corner of the office market a standout.
The occupancy rate in the buildings around the interchange is north of 90%, Klein says, partly because the surrounding O'Hare submarket has seen the kind of corporate migration typically associated with the hot downtown neighborhoods.
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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.
