Continental Towers Nominated For NAIOP Chicago’s “Office Re-Development Of The Year” Award
ROLLING MEADOWS, IL (October 19, 2016) – The Chicago Chapter of NAIOP recently announced nominees for its annual commercial real estate awards. Continental Towers, a 911,000-square-foot office complex owned by GlenStar and Walton Street Capital, was nominated for “Office Re-Development of the Year.” Honors will be bestowed at NAIOP’s 29th annual Awards for Excellence dinner and program to be held on Thursday, November 17th at Navy Pier’s grand ballroom.
NAIOP Chicago’s Awards for Excellence recognize outstanding developments and transactions in commercial real estate. One of the industry’s largest yearly events, the awards celebrate the industry’s “best of the best” in 16 transaction and development categories. The event closes out the year for NAIOP and showcases the talent, ingenuity and stability of the Chicago commercial real estate markets.
GlenStar and Walton Street Capital purchased the 1970s era Continental Towers in 2013. Having seen little to no capital investment in almost a decade, the Class A asset was 55% leased at acquisition. The joint venture implemented an aggressive plan to lease the property to 86% in 48 months. To achieve its goal, the team immediately launched a $30.0M renovation designed to modernize the outdated property. Within 29 months, Continental Towers exceeded the target, reaching 93% leased while achieving an accompanying rental rate increase of $4.50 per SF. To date, 360,404 SF of new leases, and 240,762 SF of renewals, have been signed.
NAIOP is the leading organization for developers, owners and related professionals in office, industrial and mixed-use real estate. NAIOP’s powerful membership has enabled the industry to become one of America’s leading economic engines. NAIOP advances responsible, sustainable development that creates jobs and benefits the communities in which our members work and live.
GlenStar is a Chicago-based commercial real estate company specializing in the acquisition of existing and development of new properties. In addition, the firm provides leasing, construction management and property management services. Over the past decade, GlenStar has acquired and/or developed over 8.0 million square feet of office, retail, residential and medical building assets. For more information please visit www.glenstar.com.