CHICAGO (June 13, 2024) — Chicago-based Glenstar, a national commercial real estate developer, owner and property manager, today announced it has launched Strategic Office Operator Services to assist third-party owners of Class A offices in increasing net operating income and overall asset value through strategic planning, enhanced tenant recruitment and retention, improved operating efficiencies and proactive management. Bringing more than 20 years of experience in successfully redeveloping, owning and operating office assets, Glenstar initially plans to work with lenders, investors, special servicers and receivers who are in the process of revaluating business plans for office assets in Chicago, Dallas and surrounding markets.

To lead this new strategic initiative, Glenstar announced it has named Adam Parritz as Director. A 10-year commercial real estate veteran, Parritz most recently served as asset manager at Värde Partners, a global alternative investment firm, where he co-managed a real estate limited partner equity and debt portfolio with a combined value of over $4 billion.

“With so much uncertainty in the market and so few buyers right now, many owners and lenders with office properties need advice on what to do with their assets – or they know what to do but are not staffed for it,” said Parritz. “This is what we live and breathe. Using our experience as owners that have successfully turned around multiple properties in different markets across the country, we can advise others on the strategies that will generate revenue, drive tenant satisfaction and create value. We will help them sleep better at night knowing their properties are in good hands.”

Glenstar will develop comprehensive business plans customized to clients’ properties and specific balance sheets. They will assess each property and identify what and how much to invest in it; create a leasing strategy; negotiate leases; identify and carry out capital improvements; and assist in dispositions of the property when the time is right. Through its vertically integrated structure combining property management, asset management and strategic oversight, Glenstar will see all activities through to execution, adjusting as needed based on changing market factors.

In his previous position at Värde, Parritz led asset management, workouts and disposition efforts for several properties, achieving significant cost savings, returns and value enhancement. He also collaborated with internal and external stakeholders to execute strategies, negotiate contracts and oversee operations. Prior to that, Parritz was a vice president and asset manager at Singerman Real Estate, where he contributed to the acquisition, disposition and management of over $1 billion of real estate assets.

“Adam’s depth of experience aligns with our commitment to bring our proven redevelopment, repositioning and value-creating approaches to properties beyond those we have an ownership stake in,” said Michael Klein, co-founder and managing principal of Glenstar. “He is an expert at identifying properties that may be changing ownership. For large office properties in today’s challenging market, his unique abilities enable the prompt implementation of strategies that will add value.”

“Glenstar is known for creating the kind of office environments tenants want to be in through the right mix of amenity offerings, tenant engagement programs and attentive service,” Parritz said. “My background in asset managing commercial properties combined with Glenstar’s decades of ownership expertise and reputation for adding value make a great combination for driving strategic growth in asset management.”

Glenstar manages nearly 6 million square feet of commercial property in the Chicago and Dallas markets. One of Glenstar’s recent successes in providing asset and property management services includes Triangle Plaza near Chicago’s O’Hare International Airport. In June 2023, Värde Partners retained Glenstar to provide asset, property and construction management services for the two 14-story towers totaling 636,000 square feet. In the first year of Glenstar’s stewardship, following the implementation of numerous strategic efficiencies, Triangle Plaza’s NOI increased by 10%, or $650,000. “We have seen improvement in our dealings in the building since Glenstar took over,” said Tom Payne, manager, office service, Komatsu, a company that occupies 80,000 square feet at Triangle Plaza. “Things have been better and more proactive with Glenstar.”

About Glenstar:

Glenstar 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.

WESTLAKE, Texas / CHICAGO (May 6, 2024) – Chicago-based Glenstar, a national commercial real estate developer, owner and property manager, will host a public grand opening of Terra Lounge, a bar and restaurant at The Terraces in Westlake, Texas, from 4-8pm on May 14-16  . Located at the back of The Terraces, at 1500 Solana Blvd., Terra Lounge formerly was only for tenants of The Terraces, an eight-building, 1.1 million-square-foot office complex between Dallas and Fort Worth. But it will now be open to the public, serving neighboring office buildings and communities including Westlake, Trophy Club, Southlake, Roanoke and beyond.

Managed by San Antonio, Texas-based ISS Guckenheimer, Terra Lounge is a 2,400-square-foot bar/restaurant that can accommodate 99 patrons. The venue offers a wide range of beer, wine and mixed drinks, as well as appetizers and gourmet pizzas. Terra Lounge’s premium cocktails range from the Platinum Paloma with Casamigos Blanco tequila, fresh lime juice and ruby red grapefruit soda to a smoked cherry old fashioned. During the grand opening week, guests will enjoy drink specials, live music from local artist, Chet Stevens, and giveaways.

“We’ve had success in attracting people from the offices around us; now, we want to open the doors to more of our neighbors,” said Kristi Layton, Glenstar’s vice president and general manager of The Terraces. “Westlake has very few restaurants in town, so we’d like to see Terra Lounge become the ‘Cheers’ of the neighborhood, where people can gather as a community, play a game of bocce, hear some music, and just relax and connect with co-workers, friends and neighbors.”

The intimate, tranquil interior of Terra Lounge includes a fireplace, wood-paneled walls, copper bartop and comfortable lounge seating. A second-level game room offers pool, ping-pong and shuffleboard. An adjacent pet-friendly patio with shaded seating allows bar patrons to take their drinks outside and enjoy the weather.

Glenstar completed a $25 million revitalization of The Terraces in 2021, reimagining a campus built in the 1980s for IBM into a corporate setting more attractive to today’s vibrant, collaborative and creative workforce. The Terraces now includes approximately 50,000 square feet of enhanced amenities, including a full-service restaurant; state-of-the-art fitness facility with luxurious locker rooms; multiple indoor and outdoor seating/collaboration areas with firepits, hammocks and bocce ball courts; a large technologically advanced tenant conference facility; and covered parking.

Terra Lounge is open Monday through Thursday from noon to 8 p.m. and Fridays from noon to 5 p.m. The bar is closed on weekends.

Located 11 miles west of the Dallas/Fort Worth International Airport, Westlake is one of the most affluent towns in Texas with a median household income of $250,000+, according to U.S. Census data. Situated midway between Dallas and Fort Worth, Westlake and the surrounding communities have an average weekday population of nearly 35,000 people, including residents and employees.

About Glenstar:

Glenstar 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.

WESTLAKE, Texas / CHICAGO (April 9, 2024) — Chicago-based Glenstar, a national commercial real estate developer, owner and property manager, today announced it executed two new leases totaling nearly 31,000 square feet at The Terraces, an eight-building, 1.1 million-square-foot office complex at 1500 Solana Blvd. in Westlake, Texas, between Dallas and Fort Worth. ECI Software Solutions took occupancy of its space last month, and Weider Health and Fitness will move into space at the extensively redeveloped office park in May.

“These leases reflect the trend of companies relocating to top-tier buildings with abundant amenities in desirable locations,” said Mickey Stefan, principal of Glenstar Properties. “At The Terraces as well as in all our office parks, we focus on creating the modern, collaborative environments that attract top-level talent.”

Glenstar completed a $25 million renovation of The Terraces, originally built for IBM, in 2021 to meet today’s need for more collaborative, aesthetically pleasing and welcoming corporate environments. The revitalized campus brings almost 50,000 square feet of highly desirable amenities, including a full-service restaurant, an upscale lounge with operating bar service, multiple indoor and outdoor seating/collaboration areas with firepits, bocce ball courts, a large technologically advanced tenant conference facility, a large state-of-the-art fitness facility with luxurious locker rooms and covered parking.

The renovation has proven successful: Since the pandemic began, Glenstar has completed 310,000 SF in new leases and 270K SF square feet of renewals at The Terraces.

“Our investment has paid off already, and we’re optimistic for the future of the Dallas-Fort Worth office market,” Stefan said. “From what we’re seeing, office tenants continue their in-market flight-to-quality relocations, and we will see new-to-market occupiers as well. Our two recent leases reflect this trend, as they include a move by local firm ECI and the relocation of Weider from California.”

ECI Software Solutions

Glenstar executed a 25,468-square-foot lease for the world headquarters of ECI, a provider of cloud-based software for small- and mid-sized businesses. Following an extensive tenant buildout, ECI took occupancy of the entire fifth floor of Building 6 at The Terraces. The company, which has offices in 14 countries and eight U.S. cities, previously was based in Fort Worth’s Alliance Corridor, where it occupied 48,000 square feet in a less finished and amenitized space.

“With our 100% hybrid policy, we needed a smaller, more intimate space that’s bright, warm, well-amenitized and helps us ‘earn the commute’ of our employees,” said Andrew Pryor, Chief Human Resources Officer at ECI. “Our office and the campus foster our warm, friendly, personable culture. You don’t have to be chained to your desk; you can take your phone calls at a picnic table or in a hammock. For a recent meeting, we sat around an outdoor firepit, and for larger meetings, we use the conference center. We love the campus and all that it brings to us.”

Pritchard Associates, along with Glenstar Properties’ Kristi Layton, managed the tenant buildout construction process, while RTTX Construction acted as GC, which included creating private offices, open shared spaces, unique gathering spaces and breakout areas, for the firm. ECI has 216 employees in the Dallas/Fort Worth area. Of those, 66 have committed to coming in on Tuesdays and Wednesdays and are assigned a dedicated desk. If an employee wants to come into the office for a day, they can use one of several hotel desks in ECI’s space.

“The aesthetic is modern and intimate with lots of glass,” Pryor said. “100% of employees now have access to windows and open spaces. We built in sound masking so you don’t feel overwhelmed by noise. We have banks of booths, multiple hoteling desks and eight different break-out spaces. All interior walls are glass, and the interior offices of executives are 100% open. We felt it was necessary to create a space that allows collaboration and creativity to make the most of the time employees have together.”

Weider Health and Fitness

Weider Health and Fitness, the holding company for Gallery 19C and Weider Global Nutrition, will be moving its office from Woodland Hills, Calif., into a 5,500-square-foot space at The Terraces in May. Weider Health and Fitness owner Eric Weider, a collector of 19^th century European paintings, had relocated Gallery 19C to 3,358 square feet in Building 5 of The Terraces last year, and the positive experience convinced him to move the holding company to The Terraces as well.

“I was really impressed with the look and feel of the campus, the amenities, the management and staff, and the feeling of security,” said Weider. “I like the proximity to the airport, the freeway and local amenities such as hotels and restaurants in nearby Westlake and Southlake.”

Located 11 miles west of the Dallas/Fort Worth International Airport and situated midway between the premier business districts of Dallas and Fort Worth, The Terraces provides immediate access to a dense and talented employee base.

Jeff Eckert represented ownership in the ECI Software Solutions lease while Stephen Rury of Colliers represented the tenant. For the Weider Health and Fitness lease, Haley Hullet represented ownership. Offices at The Terraces are being leased by Jeff Eckert, Blake Shipley, Frank Taylor and Haley Hullet of the Dallas office of JLL.

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.

Glenstar Logistics today announced the signing of two new tenants for space totaling 75,650 square feet at Tri-County 75, a 72-acre industrial park that broke ground in 2022 in Fort Myers, Fla. Developed by Glenstar Logistics and Columnar Holdings, the new industrial campus at 6115-6150 Tri-County Commerce Way spans 816,866 square feet across four buildings.

Coldest, a Florida-based manufacturer of water bottles and other related products that keep you colder longer, inked a lease for 52,866 square feet of warehouse and office space in Building 4 at the park and will relocate from its current 15,000-square-foot warehouse in Fort Myers. Coldest is primarily an online retailer and will use the space to store its products and pack and ship orders.

“We’re expanding faster than expected – this marks our fourth headquarters space since starting the company in 2015, but I anticipate this one will meet our needs for many years to come,” said David Ahmad, founder of Coldest, which was ranked No. 480 on Inc. Magazine’s 2021 list of the 5,000 fastest-growing private companies in America. “Our new space at Tri-County 75 will allow us to move higher volumes of product quickly and more efficiently. We also chose the building because of its great visibility off I-75.”

A large third-party logistics provider signed a 22,784-square-foot industrial lease at Building 4 and will be relocating from a competitive property in the market. The transportation and logistics services company will use the space as a holding facility for freight before heading onto the road.

“This tenant is a Fortune 500 company, which strengthens the creditworthy roster at Tri-County 75 and confirms that the market values institutional-quality assets,” said Brian Netzky, principal of Glenstar. “The lease is indicative of large national companies solidifying a footprint in the growing Southwest Florida market.”

The Naples – Fort Myers office of Lee & Associates brokered both leases on behalf of ownership. Tri-County 75’s general contractor, The Conlan Company, will be building out 1,400 square feet of office space for Coldest and 1,100 square feet of office space for the 3PL tenant.

“Local companies as well as national corporations are seeking large blocks of modern warehouse and distribution space in Southwest Florida to accommodate their business’s expansion and to service the region’s rapidly growing population,” said Netzky. “However, the supply of this type of industrial space is constrained, so Tri-County 75 is in a great position as one of the only locations in the region with the amount of expansion space needed for fast-growing companies.”

In the lease transactions, Jeff Buckler of Lee & Associates’ Fort Myers office represented Coldest, and Shawn Stoneburner of Cushman & Wakefield’s Fort Myers office represented the 3PL.

With the two new leases, Tri-County 75 is approximately 40% pre-leased. Ferguson Enterprises, a national distributor of plumbing and HVAC supplies, signed a 252,860-square-foot lease in November 2022, and will be relocating its regional distribution center to Building 3 of the campus this fall. The remaining space available includes the 76,210-square-foot Building 1; the 215,884-square-foot Building 2; approximately 151,000 square feet in Building 3; and approximately 45,000 square feet in Building 4. All spaces are divisible.

Located at the intersection of Interstate 75 and Luckett Road, Tri-County 75 offers rear load and cross-dock facilities with clear heights up to 36 feet, large truck courts, abundant trailer stalls and easy highway access. The new industrial park is a 12-minute drive from the Southwest Florida International Airport, 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 DeLisi Fitzgerald is the civil engineer. Affinius Capital is providing the loan to finance the development, and the Naples – Fort Myers office of Lee & Associates is overseeing leasing.

About Glenstar Logistics 

Glenstar Logistics, the industrial arm of Glenstar, develops and invests in state-of-the-art warehouse, distribution and manufacturing facilities primarily in the southeast region of the United States. Headquartered in Chicago, Glenstar Logistics’ leverages decades-long relationships with local brokers, logisticians and users to provide a unique insight on key factors tenants evaluate when making site selections. With 400+ acres currently under control, the team combines decades of real estate experience and proprietary third-party data analytics to direct every aspect of the development process with the end user in mind.

About Glenstar:

Glenstar is a Chicago-based national commercial real estate firm focused on ground-up industrial development through its Glenstar Logistics division as well as the development of 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. 

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.