Continental Towers set to undergo $15M capital improvement plan
Chicago-based developer/investor, GlenStar, and real estate investment adviser, Rubenstein Partners, have announced plans for a $15 million capital improvement campaign at Continental Towers, a 910,796-square-foot office complex located at 1701 Golf Road in Rolling Meadows, Illinois. It’s the second of a two-phase redevelopment project initiated in 2015.
“Our modernization and capital improvement plan for Continental Towers is intended to comprehensively update and reposition an already exceptional asset,” said Peter Gottlieb with Rubenstein Partners. “We feel we have a unique opportunity to further enhance a well-located building in the attractive northwest Chicago suburban office market and ensure that it continues to stand out from other properties in the region for years to come.”
At the heart of phase two is a reimagined outdoor terrace that will transform the concrete plaza into nearly an acre of multi-level landscaped space featuring a lounge, grilling and gathering areas, fire pits and a synthetic lawn area for health and wellness activities. In addition, the property’s café and amenity center is also getting a top to bottom makeover and will be connected to the new terrace, creating a unique indoor/outdoor entertainment space. New lobbies, elevator cabs and landscaping at the buildings will also be a part of phase two.
“We are building on previous campaigns to ensure that our tenants have the most up-to-date, activated amenities in the suburbs,” said GlenStar’s managing principal, Michael Klein.
The new campaign follows completion of phase one, a $30 million project that saw construction of new 734-stall parking garage; exterior improvements including new drive-ups, drop-offs, canopies and lighting; a full renovation of the 22,000-square-foot, on-site fitness center run by Midtown Health Club; corridor and restroom renovations and various mechanical upgrades.
Work began on phase two in June and is scheduled to be complete by the second quarter of 2020, by which time, GlenStar will have invested more than $200 million over the past five years repositioning and modernizing office projects, with a focus on unique amenities and programs that enhance and redefine the tenant office experience. GlenStar’s portfolio currently stands at over 8 million square feet.
Rubenstein has invested in more than 21 million square feet of office real estate assets throughout the United States since 2005. The firm, including its predecessor company, has nearly a 50-year history as a vertically integrated owner and operator, with the office asset class serving as their exclusive investment focus over the last 20 years.
Continental Towers is a three-tower office complex located in northwest suburban Chicago. The buildings sit on a 34-acre corporate campus that provides tenants with unobstructed views in all directions, easy access to the Woodfield Mall and high visibility along I-90. GlenStar originally acquired the property in 2013 and recapitalized the project in 2018 with Rubenstein.
Source: RE Journals