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GlenStar Properties will deliver another 65k of spec office space at the Board of Trade Building this year as the company continues to overhaul the landmark Art Deco building. It's an indication that downtown office developers and landlords are bullish as we enter 2016.
GlenStar's turnaround of the BOT building since it bought the property in 2012 has been nothing less than stunning. Occupancy was at 61% at the time of the sale. GlenStar pumped $30M in upgrades into the building, including a new rooftop terrace on the 23rd floor, and attracted a diverse tenant base. GlenStar also restored the building's historic illuminated clock last October.
The spec office space is expected to be delivered in mid-spring. If it's leased before the end of the year, overall occupancy will reach 90%.
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