August 3, 2020
Glenstar and Rubenstein Partners complete $20 million renovation at Continental Towers
Glenstar and Rubenstein Partners have wrapped up a $20 million renovation at Continental Towers. Launched last summer, it marks the completion of a two-phase redevelopment project started in 2015 at the 910,000-square-foot office complex located at 1701 Golf Road in Rolling Meadows, Illinois.
The centerpiece of the modernization project is a massive one-acre outdoor multi-level landscaped terrace, the largest of its kind in the Chicago suburban office market. The space features flexible seating and spacious gathering areas, which is a perfect amenity for tenants in today’s environment. Fire pits and grills add to the casual vibe, and a synthetic lawn area is perfect for outdoor health and wellness programming. Additional improvements include fully renovated lobbies, elevator cabs, common areas, the addition of a game room and a renovated café/tenant lounge with a fireplace and views of the outdoor area.
“The excellent location and wealth of newly upgraded amenities at Continental Tower offers an exceptional choice for tenants seeking best-in-class space in the Chicago suburban office market,” said Peter Gottlieb with Rubenstein Partners.
In 2015, Glenstar invested an initial $30 million highlighted by the construction of a 734-stall parking garage, reconfigured site plan with newly created entrances, canopies and drop-off areas and a renovation of a 23,000-square-foot fitness center run by Midtown Fitness.
“When we began this project, corporate tenants were looking for highly-amenitized buildings with modern interiors and vibrant communities,” said Glenstar’s Michael Klein. “Now everyone’s concern is around safety and social distancing—and we have a robust program in place to address this. Our new amenities, especially our sprawling outdoor areas, provide tenants the opportunity to work outdoors and meet with their colleagues at a safe distance. We are pleased that the improvements we recently completed translate well into our current environment.”
Continental Towers is a three tower office complex located in Northwest suburban Chicago. The buildings sit on 34 acres with unobstructed views in all directions, easy access to the Woodfield Mall and high visibility along I-90. Notable tenants include Verizon and Panasonic.
Glenstar originally acquired Continental Towers in 2013 and recapitalized the project in 2018 with Philadelphia-based Rubenstein Partners, L.P.
Source: RE Journals