December 11, 2018
Glenstar Launches $20M Capital Improvement Program At President’s Plaza
GlenStar Properties, LLC and its joint venture partner Angelo Gordon & Co., L.P., have launched a $20 million dollar renovation campaign at the two-building, 830,479-square-foot President’s Plaza located at 8600 and 8700 W. Bryn Mawr in the Chicago O’Hare submarket. Ownership expects the project to be completed in the second quarter 2019.
“We have an exceptional opportunity to capitalize on the property’s unique ‘urban/suburban’ location with a contemporary refresh of the buildings,” said GlenStar principal Michael Klein.
President’s Plaza is one of the most well-connected properties in the metro area when it comes to transportation and accessibility. It is served directly by the CTA Blue Line and is less than one mile from O’Hare International Airport. With the convergence of multiple expressways at its location, President’s Plaza is easily reachable from the city and all of suburban Chicago.
GlenStar’s extensive rehab includes a full gut lobby refresh at both buildings, renovation of the fitness center operated by Midtown Athletic Club and a refreshed deli operated by Compass Group. A new tenant lounge will feature a full-service coffee café and beer/wine bar for tenant use. It will connect to the patio for indoor/outdoor entertaining/functions/activities. Other areas that will be improved include passenger elevator interiors, restrooms, corridors, a new lobby stairwell and the conference center, which will under go a physical and technological overhaul.
“At a time when tenants are flocking to buildings with significant amenities packages, we have a property with terrific bones that we can transform with a modern and inviting interior aesthetic while at the same time build a complete work/life community,” said Klein.
Major President’s Plaza tenants include True Value, American Imaging Management and Lafarge North America. Occupancy today stands at 94.4 percent. The O’Hare office market is one of the tightest in the metro area with vacancy at Class A trophy assets at 5.6 percent. Rent in those same buildings has grown 23 percent since 2015.