CT Acquisitions, a partnership between Philadelphia-based Rubenstein Partners and Chicago-based GlenStar, has acquired Continental Towers in Rolling Meadows for $121.5M. With an infusion of $20M earmarked for additional renovations, the Rubenstein-GlenStar JV said it plans to build upon prior renovations.
The partnership envisions a complete overhaul of the 2-acre plaza deck as well as the property’s lobbies, café and amenity spaces. Restroom and corridor work will also continue.
“Our main focus is to seek out value-add office assets in emerging markets, and Continental Towers represents everything we look for in an investment,” Rubenstein Partners’ Brandon Huffman said in a statement. “We believe strongly that the combination of the property’s location in northwest suburban Chicago and our planned capital improvements will make this an attractive choice to office users.”
Continental Towers, developed in the early 1980s, is a three-tower office complex. GlenStar initially acquired the property in 2013 and has since spent about $30M on capital upgrades to redevelop the 910K SF office property.
GlenStar’s capital spending, launched in 2013, included building a 734-stall parking garage and reconfiguring the overall site plan. Other renovations included a complete rebuild of the fitness center as well as signage, restroom and corridor upgrades. As a result, the buyers said, occupancy increased from 55% in 2013 to 90% now.