CHICAGO—Following a national trend, some suburban landlords are ready to spend considerable amounts redeveloping a select group of class A properties. GlenStar Properties has helped lead the way in the Chicago metro area, and has just launched the largest redevelopment project ever undertaken in the Northwest suburban office submarket, a $28 million capital campaign at its Schaumburg Corporate Center.
“We have every confidence in the northwest suburban office market as evidenced by our significant commitment to this redevelopment,” says Michael Klein, a GlenStar principal. “We completed a similar but smaller scale redevelopment of Continental Towers in Rolling Meadows about three years ago, and the result is a property that is currently over 90% occupied.”
GlenStar acquired the property in March 2017, marking the first time the property had changed hands since it was developed in the early 80's. The amount paid was undisclosed, but Cook County property records show a price tag of $70,749,500.
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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.
