GlenStar Wraps Up A $20M Suburban Renovation
The ongoing coronavirus pandemic means office workers are looking for spaces where social distancing is possible. Some suburban landlords are touting their properties as tailor-made for this situation.
Glenstar and Rubenstein Partners just wrapped up a $20M, one-year renovation at Continental Towers, a three-building complex familiar to commuters on the nearby I-90. The revamp includes a new 1-acre landscaped outdoor terrace.
“When we began this project, corporate tenants were looking for highly amenitized buildings with modern interiors and vibrant communities,” Glenstar Managing Principal Michael Klein said. “Now everyone’s concern is around safety and social distancing — and we have a robust program in place to address this. Our new amenities, especially our sprawling outdoor areas, provide tenants the opportunity to work outdoors and meet with their colleagues at a safe distance.”
It's the end of a two-phase redevelopment that began after Glenstar acquired in 2013 the half-empty development at 1701 Golf Road in Rolling Meadows. It first invested $30M, building a 734-stall parking garage, reconfiguring its entrances and drop-off areas, and renovated a 23K SF fitness center run by Midtown Fitness. Glenstar recapitalized the project in 2018 with Philadelphia-based Rubenstein.
It may be a while before tenants start enjoying their new amenities. Although the 910K SF complex is 76% leased, due to the pandemic, only about 10% to 12% of the workforce is back at their offices, Glenstar officials told Bisnow.
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