Glenstar Announces 100,000 Square Feet in New Office Leases at Presidents Plaza in Chicago’s O’Hare Submarket

CHICAGO (May 21, 2025) — Chicago-based Glenstar, a national commercial real estate developer, owner and property manager, announced it has executed three leases totaling 100,000 square feet at Presidents Plaza, a two-tower, 831,442-square-foot office complex at 8600-8700 W. Bryn Mawr Ave., near O’Hare International Airport. The lease agreements follow the October 2024 sale of the property to a joint venture of Glenstar and a private investor.

“With these leases, we’re already reaping the benefits of our recapitalization of President Plaza and our commitment to fund tenant improvements, build spec suites and upgrade amenities,” said Michael Klein, co-founder and managing principal of Glenstar, which also serves as the leasing agent and property manager of Presidents Plaza. “Our commitment of new capital also allows us to offer flexibility and lease terms that align with our tenants’ operational needs and individual growth trajectories.”

In April, Glenstar signed a 40,000-square-foot office lease at Presidents Plaza with FM, a global commercial property insurance and loss prevention company that will relocate its regional office to Presidents Plaza from Park Ridge, Ill. Formerly known as FM Global, FM has a network of offices in the U.S. and internationally. Its clients operate across a variety of industries and include one in four Fortune 500 companies.

“We are thrilled to have FM as a tenant at Presidents Plaza,” said Klein. “Its choice to relocate to Presidents Plaza is a testament to the complex’s high-quality office experience, from lifestyle-oriented amenities to a responsive property management team.”

Glenstar also executed a 40,000-square-foot lease with Do It Best, the Fort Wayne, Ind.-based home improvement retailer that acquired True Value last year.

In the third transaction, current tenant Meitheal Pharmaceuticals, a biopharmaceutical company named the second-fastest growing company on the 2024 Crain’s Chicago Business “Fast 50” list, signed a 20,000-square-foot expansion lease that doubles its footprint to 40,000 square feet.

“Having our offices at Presidents Plaza has been a great fit for our growing team,” said John Spilman, vice president of corporate strategy of Meitheal Pharmaceuticals. “The central location offers easy access from across the Chicagoland area — including both the city and suburbs — and the availability of public transportation from downtown makes commuting simple and efficient. The amenities, including the modern lobby, welcoming lounge, fitness center and onsite dining options, enhance the daily experience for our employees. As we’ve grown, Presidents Plaza has continued to be a true partner, working with us to ensure our office space evolves to meet our needs today and in the future.”

The new ownership at Presidents Plaza is investing $16 million in improvements across the two buildings. Among its many enhancements, a golf simulator is slated to open this summer. Spec suites are also being constructed, featuring in-demand features such as open ceilings, collaborative workspaces and conference rooms with state-of-the-art A/V equipment. These improvements add to the property’s $34 million in renovations completed in 2022 that included the redevelopment of a three-story atrium lobby, three-level health club, fully renovated lounge, café with seating and conference center facility.

Presidents Plaza is centrally located at the four-way intersection of Cumberland Avenue and Interstate 90 and offers direct access to the adjacent CTA Cumberland Blue Line station, allowing tenants to recruit from both the suburbs and city. The property is also surrounded by numerous retail, restaurant, entertainment and hospitality offerings.

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.