Chicago-Based Glenstar Properties Closes On 2400 Cabot Drive In Lisle, Illinois
Chicago-based GlenStar Properties, LLC, along with an institutional capital partner, has purchased 2400 Cabot Drive in Lisle, IL, from CA Lisle Project Company, LLC, an entity advised by CBRE Global Investors, LLC.
The 205,633-square-foot building, originally built in 1987 as Pansophic Systems Inc.’s (subsequently Computer Associates) headquarters, is a rare Class A suburban headquarters and/or regional headquarters building. Ideal for large users of office space, it boasts 52,000-square-foot floor plates and an impressive list of amenities including conference and training facilities, indoor executive parking, a fitness center and a full service cafeteria and dining area.
More notable is 2400 Cabot Drive’s infrastructure which is second to none. It features a 20,000-square-foot raised floor data center and updated electrical and HVAC. And what is extremely unusual in any office building, it possesses 100 percent building back up electric via two 1500-kilowatt generators.
Conveniently located on a sprawling yet tranquil campus in the heart of the East-West Corridor, the property is easily accessible via the I-88 interchange at either Naperville Road or Route 53.
The new Ownership team plans to increase and upgrade the existing on-site parking and will also provide some base building enhancements. According to GlenStar Principal Michael Klein, the building is in great shape which should bode well for future leasing activity.
“Activity in the suburbs is picking up, especially for large blocks of space,” said Klein. “We expect to see a continuation of leasing strength especially at good, quality suburban properties.”
Over the past decade, GlenStar Properties has built an impressive portfolio of high-profile properties and developed office, retail, residential and medical-building assets throughout the Chicago area. In June 2013, GlenStar purchased Continental Towers, a 910,796-square-foot office complex located in Rolling Meadows, IL. The firm has since embarked on a robust $8 million capital improvement campaign aimed at restoring the complex to its former “top of market” status.
With its latest acquisition of 2400 Cabot Drive, GlenStar now owns 5.1 million square feet of premier office space in metropolitan Chicago including the Chicago Board of Trade, 55 East Monroe and Continental Towers.