GlenStar, Rubenstein Acquire 910,796 SF Office Property in Suburban Chicago for $121.5M
ROLLING MEADOWS, ILL. — A partnership between GlenStar and Rubenstein Partners, known as CT Acquisitions LLC, has acquired Continental Towers for $121.5 million. The 910,796-square-foot office property is located in Rolling Meadows, about 30 miles northwest of Chicago.
GlenStar initially acquired the property in 2013 and has since completed approximately $30 million in improvements for the asset. GlenStar added a 734-stall parking garage and renovated the fitness center, restrooms and corridors. As a result, occupancy jumped from 55 percent to 90 percent with the addition of tenants such as Verizon and Panasonic.
The new joint venture between GlenStar and Rubenstein plans to complete an additional $20 million in renovations, including an overhaul of the two-acre plaza deck as well as the lobbies, café and amenity space. Work is set to begin immediately.
Originally constructed in the early 1980s, Continental Towers is a three-tower office complex situated on 34 acres. The Class A property is located near I-90 and Woodfield Mall.
“Our main focus as a firm is to seek out and acquire high-quality, value-add office assets in emerging markets,” says Brandon Huffman, portfolio manager of equity investments for Rubenstein. “Continental Towers represents everything we typically look for in an investment.”
Philadelphia-based Rubenstein is a private real estate investment management and advisory firm with operations throughout the United States. Since 2005, the firm has invested in more than 14 million square feet of office real estate assets.
Chicago-based GlenStar has acquired or developed more than 8 million square feet of office, retail, residential and medical building assets over the past 10 years.
— Kristin Hiller