June 22, 2023
Glenstar Awarded Property Management of 627,000-SF Triangle Plaza
New tenant signs 17,000 SF Lease
Glenstar, a national vertically integrated commercial real estate firm specializing in industrial, office and multifamily properties, today announced it has been retained by global alternative investment firm Vӓrde Partners to manage the Triangle Plaza office complex near Chicago’s O’Hare International Airport.
On June 13, Glenstar assumed property and asset management of Triangle Plaza, following the recent signing of a 17,000 square foot, 11-year lease by the Society of Actuaries. Located 8750 and 8770 West Bryn Mawr Avenue, Triangle Plaza totals 627,000 square feet across the two 14-story towers.
“We are committed to bringing this iconic property in Chicago’s best-performing suburban office market to its next phase, maintaining Triangle Plaza as the high-value, premier space it is,” said Michael Klein, co-founder and managing principal of Glenstar. “Our team excelled in the property management and oversight of capital improvements at the adjacent President’s Plaza in the O’Hare market, and we will apply our deep office sector knowledge and tenant-focused approach to managing Triangle Plaza as well.”
Glenstar provides day-to-day operational oversight, tenant service, property maintenance, engineering and capital improvement management for the complex. The Chicago-based firm plans to execute a strategy in line with a Class-A office property to retain and attract tenants, reduce costs and increase value. Triangle Plaza is already home to major corporations including Komatsu, Old National Bank, Combined Insurance, Power Construction, Ardagh Metal Beverage and Lawson Products. The complex has a 92% occupancy rate, materially higher than the O’Hare submarket average.
“Newmark is thrilled to continue the leasing and marketing of Triangle Plaza. It has proven to be a highly successful asset, attracting many significant tenants. We look forward to continuing this success with a new, well capitalized owner,” said John Norris, member of the Newmark leasing team.
Glenstar has selected Bonnie Calame as General Manager. Calame currently oversees the management of the neighboring four-building Presidents Plaza office complex, creating operational efficiencies and synergies. Glenstar will also implement its Connect program at Triangle Plaza. From casino nights and book clubs to concerts from local musicians, tenants can participate in curated programs that build connections and communities at the office.
Triangle Plaza is centrally located at the 4-way intersection at Cumberland and I-90 and offers tenants quick access to O’Hare as well as public transportation on the CTA Blue Line. Onsite amenities include structured and underground executive parking, a full-service fitness center, on-site café, substantial outdoor space and a new tenant lounge.
Glenstar manages nearly than 4 million square feet of commercial property in the Chicago area and 2.6 million square feet in the Dallas market.
Glenstar Properties is a Chicago-based national commercial real estate firm specializing in industrial development, reimagined office and multifamily properties. Founded in 2004 by Michael Klein, along with Rand Diamond, Glenstar has successfully developed or redeveloped more than $2 billion in commercial space comprising 10 million square feet across the U.S. Its nimble, tenant-focused approach and vertically integrated structure allow Glenstar not only to pursue and execute opportunistic projects, but also to oversee and manage them seamlessly.
About Värde Partners
Värde Partners is a leading global alternative investment firm specializing in credit and credit-related assets. Founded in 1993, the firm has invested through multiple credit cycles, building on its roots in special situations and distressed to invest more than $95 billion across the credit quality and liquidity spectrum in both public and private markets. Värde currently manages over $13 billion in assets with teams in North America, Europe, and Asia Pacific focused on Corporate & Traded Credit, Real Estate, and Financial Services. For more information, please visit www.varde.com.