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.

About Glenstar:

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.

Chicago-based Glenstar Properties has completed its multimillion-dollar redevelopment of Premier Place, a 20-story, 457,900-square-foot Class A office building at 5910 N. Central Expressway in Dallas.

The project included the addition of 3,000 square feet of new space for an indoor/outdoor tenant lounge that features a coffee and cocktail bar, an expanded lobby, and the renovation of a large conference room available to tenants.

“To attract employees back to the office, we need to create high-quality, comfortable and efficient spaces,” said Michael Klein, managing principal of Glenstar. “The new lounge at Premier Place provides a warm, hospitable space for tenants to socialize and collaborate with clients as well as co-workers. The new lobby and conference room are equally modern and inviting.”

A major part of the redevelopment was building an addition for the new lounge. Glenstar extended the building’s curtainwall on the east side of the building to enclose the new addition that opens to the redesigned courtyard.

Completed in November 2022, the lounge’s high ceilings and floor-to-ceiling windows create an open, airy environment. Sofas and armchairs are arranged to provide multiple conversation areas, and large-screen TVs and a shuffleboard table offer entertainment options. The lounge flows seamlessly into an outdoor area with tables and chairs and a patio sectional facing a built-in fireplace, all under a modern pergola.

The redevelopment is propelling occupancy at Premier Place, which is home to anchor tenants Merrill Lynch, AmWins and LifeTime, a fitness center occupying 62,000 square feet on the sixth and seventh levels of the garage. Five new tenants have signed leases since the completion of the redevelopment.

“The indoor/outdoor lounge addition is the crown jewel of the redevelopment,” Klein said. “It gives an upscale, welcoming vibe to the building. It feels like you’ve walked into a five-star hotel bar. The lounge has a liquor license and is fully staffed with bartenders. There’s nothing else like it in Dallas.”

The redevelopment also included renovation of the second-floor conference room, which can accommodate 20-plus people. State-of-the-art audiovisual equipment and high-speed internet connections are provided for videos or presentations.

“When Glenstar purchased the building the lobby did not have a place for tenants and guests to meet” said Lori Martin, Vice President and General Manager for Glenstar at Premier Place. “Visitors would come in and meet at the security desk. The redevelopment has created an environment to gather, conduct business meetings and meet neighboring tenants. The goal was to create a synergy blending work, life and play. You need that collaboration in an office building.”

“Premier Place is a highly visible top-tier office property with an excellent tenant roster,” said Michael Klein, managing principal for Glenstar. “Its new spaces reflect the vibrancy of the neighboring restaurants, retail, hotels and apartments.”

The redevelopment project began in late 2021 with Wright Heerema Architects serving as project architect, Glenstar as construction manager, and Scott & Reid as general contractor. Glenstar is the building’s property manager.

Built in 1985, Premier Place is located along U.S. Highway 75, 1½ miles from downtown Dallas, adjacent to SMU, Mockingbird Station, DART, and The Katy Trail. Glenstar’s office portfolio in Dallas totals 2.7 million square feet, which includes Premier Place; Energy Square and the Meadows Building, a five-building, 1.1-million-square-foot office campus; and The Terraces, a 1.2-million-square-foot office campus of eight Class A buildings on 72 acres in Westlake, TX.

About Glenstar:

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.

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Editors:

For more information or to schedule an interview, contact Paula Widholm, pwidholm@taylorjohnson.com, (312) 267-4525.

Glenstar, known for two decades as a national office and multifamily developer, is expanding its recent focus in industrial development with the announcement of its newest project – Cherokee Commerce Center 85 (CCC 85), a 290-acre commercial warehouse park in Gaffney, S.C. Located between Greenville-Spartanburg, S.C. and Charlotte, N.C., CCC 85 will break ground this spring on its first of five buildings, a 550,000-square-foot spec-to-suit warehouse that will be expandable to 1.3 million square feet.

The news of CCC 85 follows Glenstar’s 2022 debut in the U.S. Southeast industrial sector with the groundbreaking of Tri-County 75, the firm’s new 72-acre, four-building industrial park in Fort Myers, Fla., totaling 818,000 square feet. That same year, Glenstar made the strategic hire of 30-year industrial veteran Brian Netzky as principal.

Netzky joins Glenstar’s Co-founder Michael Klein in leading the firm’s new industrial initiatives, which are primarily focused on the Sunbelt region, and specifically the Southeast’s booming I-85 corridor.

“Despite headwinds and talk of cooling in some markets, we see only room to run for industrial, particularly in the Southeast, which has record-low occupancy combined with tremendous population growth that’s creating even more demand,” said Klein. “We anticipate significant pre-leasing on our ground-up, big box, institutional-quality industrial facilities, which enables us to modify the spec space to suit tenant needs in real time. We also have the advantage of having Brian’s industrial expertise as a tenant broker to identify sites and build facilities from the tenant point of view.”

Netzky founded Interstate Tenant Advisors, which he led for nearly 15 years before merging with Colliers International in 2018. He remained an executive vice president with Colliers for two years before joining Glenstar. Throughout his career, Netzky has executed occupier strategy and site selection on many of the largest industrial leases in North America, spanning over 30 million square feet across more than 70 major markets for e-commerce, retail distribution, consumer product distribution, paper and plastic packaging and food processing, and other firms.

“We worked with Brian while he was still at Colliers, and he has been instrumental to our success on Tri-County 75, our new industrial park in Fort Myers,” Klein said. “We knew he was exactly who we needed at Glenstar to help grow our industrial portfolio. His unique “end-user first” approach to site selection and development coupled with this deep, nationwide broker network and capital partners is an unbeatable combination.”

Cherokee Commerce Center 85, Gaffney, S.C.

In late Spring, Glenstar and capital partner Creek Lane Capital will break ground on the first building at CCC 85, their new warehouse park that will total five buildings and encompass 3.6 million square feet at the intersection of Hyatt Street/SC Highway 105 and the I-85 corridor, an area of rapid growth. Called Building 2, the first warehouse will offer 555,520 square feet (expandable to 1.3 million square feet), with completion expected in Spring 2024.

Warehouses at CCC 85 are being built on a speculative basis and pre-leasing is underway. Building 2 will also have a cross-dock orientation, 40-foot clear heights, up to 232 dock doors, four drive-in doors, and parking for 452 trailers and 540 cars. Next to break ground will be Building 4, a rear-load orientation, 36-foot clear heights, 56 dock doors, two drive-in doors, and parking for 132 trailers and 324 cars.

“Due to CCC 85’s massive scope and ideal location, tenants can choose from a range of mid- to bulk-size, best-in-class industrial space adjacent to the I-85 corridor, which is one of the most critical supply chain links in the Southeast,” said Netzky. “The ample space also allows for flexibility to accommodate up to 1.7 million square feet under one roof.”

CCC 85 is conveniently located 33 miles from the BMW Group Plant Spartanburg, 38 miles from Inland Port Greer in upstate South Carolina, and 50 miles west of Charlotte, N.C. From CCC 85, tenants can reach 100 million consumers within a one-day drive. Tenants and owner/occupiers will also have access to Tier-3 incentives to further maximize ROI.

Ware Malcomb has been selected as the architect for Cherokee Commerce Center 85, while The Conlan Company will serve as general contractor and SeamonWhiteside will provide civil engineering services. The industrial space will be leased by Colliers.

Tri-County 75, Fort Myers, Fla.

Speculative construction is underway at Tri-County 75, a new, 72-acre industrial park in Fort Myers, Fla., Glenstar is developing in partnership with Columnar Holdings. When complete, the four-building campus will offer 818,434 square feet of industrial space at the intersection of I-75 and Luckett Road.

“We are proud to be a pioneer of big box, Class A warehouse space in Southwest Florida,” said Netzky.. “The Fort Myers industrial market vacancy rate dipped to a historic low of 0.8% in Q4 2022, demonstrating the robust demand for modern distribution space. Our new, state-of-the-art facilities – along with abundant yard space – will help companies move products quickly and cost efficiently to one of the fastest-growing areas in the nation.”

In the center of Tri-Country 75, Building 3 presents an industrial product that is the first of its kind in Southwest Florida – a speculative 404,000-square-foot cross-dock warehouse with 36-foot clear heights. In November 2022, Glenstar signed a 252,860-square-feet lease with Ferguson Enterprises for two-thirds of the building, which was the third largest lease ever signed in Lee County. A national distributor of plumbing and HVAC supplies, Ferguson is relocating from its current regional distribution center and will take occupancy in Building 3 once construction is complete in September 2023.

“Ferguson prides itself on getting products to its customers fast, and they do that by occupying best-in-class distribution centers in strategic locations nationwide,” said Klein. “Tri-County 75’s large truck courts, abundant trailer stalls, secure outdoor storage, and easy highway access allow hundreds of trucks to leave the park every day to deliver products to customers throughout Florida within a day. With 36-foot clear heights, Ferguson will be able to stack its valuable inventory from floor to ceiling and utilize the best warehousing technology.”

The remaining 151,340 square feet available for lease at Building 3 offers 36-foot clear heights, 28 truck docks, two drive-in doors, and parking for 33 trailers and 103 cars.

Building 2, a speculative, 216,412-square-foot warehouse at 6135 TriCounty Commerce Way, is fully enclosed and construction is scheduled to deliver in April 2023. The building features 32-foot clear heights, 57 truck docks, four drive-in doors, and parking for 75 trailers and 233 cars.

Located in the economic center of Southwest Florida, Fort Myers is part of the Tri-County area which includes Lee, Collier and Charlotte counties. The new Tri-County 75 industrial park is a 12-minute drive from the Southwest Florida International Airport, and is located 33 miles north of Naples, and 73 miles south of Sarasota. The Tri-County area has 1.2 million residents and a workforce of more than 500,000.

Ware Malcomb is serving as project architect for Tri-County 75, while The Conlan Company is the design-build contractor and DeLisi Fitzgerald is the civil engineer. Square Mile Capital Management LLC is providing the loan to finance the development, and the Naples – Fort Myers office of Lee & Associates is overseeing leasing.

About Glenstar

Glenstar Properties, 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 to not only pursue and execute opportunistic projects, but also oversee and manage them seamlessly.

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Editors:

For more information or to schedule an interview, contact Paula Widholm, pwidholm@taylorjohnson.com, (312) 267-4525.

Cyclone Energy Group announces an airPLAN partnership with Glenstar Properties. Glenstar has launched Cyclone’s airPLAN in all six Chicagoland properties at the start of 2021, totaling over six million square feet of commercial office space. 

Cyclone announced airPLAN, an Indoor Air Quality monitoring service, earlier this year when the collective conversation began to shift to buildings reopening safely. Realizing that indoor air quality would fast become an essential point of value that will be part of the new baseline standard of expectations from the tenant/building occupant, airPLAN was established for building managers to show that they are proactively taking steps to increase and maintain the air quality of their facility. Indoor air quality is an essential measure for property managers to track as a means of providing an environment that is free of common air pollutants. airPLAN provides a valuable tool in making operational adjustments to the building as tenants reoccupy the buildings.

Glenstar was the first portfolio to adopt the program, installing the first monitors in January. According to Michael Giese, Executive Director of Property Services for Glenstar, “we chose airPLAN because it’s important to show our tenants we are proactively monitoring our buildings’ indoor environments. What we like about the program is that in addition to the monitors and the ability to access the data 24/7, we also get the Cyclone team of engineers to help us manage the data and make adjustments when needed to make sure we stay on track.”

Each sensor module Cyclone deploys streams over 1.4 million air quality data points to the cloud every day. The air quality dashboard simplifies the data allowing for a real-time look in on spaces throughout the building. Cyclone engineers monitor the buildings and help identify strategies to fin-tune operations to balance a healthy indoor environment with an energy efficient building. Reports to the building show more useful data than traditional indoor air quality testing that only takes a snapshot in time

“Creating a healthy indoor environment for occupants to use, enjoy, and feel safe is our top priority. airPLAN is a service that not only helps build confidence with reopening, it provides a platform to maintain a healthy and efficient building.” says Benjamin Skelton, President of Cyclone Energy Group. “In working with Glenstar, we’ve been able to monitor the impact of tenants returning to the office and advise on operational adjustments that not only maintain the air quality, but don’t penalize the properties’ energy costs.”

To find out more, join Benjamin and Michael on Wednesday July 14 at 11am CT, when they will co-host a BOMA Chicago webinar, “Measuring and Maintaining Healthy Indoor Air Quality”. 

• BOMA members can register directly HERE
• Non-members can register HERE

airPLAN: Trusted Advisors + Technology = Enhanced Built Environments

To learn more email airPLAN@cyclone.energy .

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About Cyclone Energy Group
Established in 2012, Cyclone Energy Group provides reliable analysis, cutting-edge insights, and practical solutions through all stages of a building’s life cycle, from design to construction, through warranty, and into operations. Based in Chicago, our Team works throughout the United States on behalf of designers, contractors, developers, owners, and property managers. Our regionally-diverse portfolio of completed projects ensures that we can bring broad experience to each unique property engagement.

For more information, please visit www.cyclone.energy
Cyclone Energy Group Media Contact:
Mary O’Donoghue Andujar
mandujar@cyclone.energy
704.608.4181

About Glenstar
Glenstar is a commercial real estate company specializing in reimagined properties combining innovative design, state-of-the-art technology and thoughtful amenities in order to create spaces where tenants want to be. Glenstar approaches all of its projects in the same way – with the tenant experience at the core. Over the past two decades, Glenstar has acquired and developed over $2 billion in office, retail, residential and medical building assets adding up to more than nine million square feet of trendsetting space.

The Meadows Building, the cornerstone of the Energy Square Dallas campus received the 2021 Preservation Achievement Award from Preservation Dallas.

The Meadows Building is one of the best examples of mid-century architecture and the first high-rise constructed outside of downtown Dallas. When Glenstar acquired the property in 2015, the building had suffered from years of improper maintenance and detrimental modifications. Preservation work included removing, restoring and reinstalling the Georgia pink marble flanking the building facade. The second floor balcony, removed in 1984, was reconstructed to match the original 1955 design. The original decorative roof on the Annex Building was reinterpreted to duplicate the original colorful design. The building’s insular plaza, added in 1984, that separated the Meadows Building from the rest of the campus was regraded to create a unifying central space for the campus, while complimenting the building’s mid-century style.

Glenstar has been named to Crain’s Chicago Business Best Places To Work for a third straight year, increasing our position to 23 overall and the highest-rated real estate company on the list.

Source: Crain’s Chicago Business