Glenstar Launches Strategic Office Operator Services, Names Adam Parritz as Director

CHICAGO (June 13, 2024) — Chicago-based Glenstar, a national commercial real estate developer, owner and property manager, today announced it has launched Strategic Office Operator Services to assist third-party owners of Class A offices in increasing net operating income and overall asset value through strategic planning, enhanced tenant recruitment and retention, improved operating efficiencies and proactive management. Bringing more than 20 years of experience in successfully redeveloping, owning and operating office assets, Glenstar initially plans to work with lenders, investors, special servicers and receivers who are in the process of revaluating business plans for office assets in Chicago, Dallas and surrounding markets.

To lead this new strategic initiative, Glenstar announced it has named Adam Parritz as Director. A 10-year commercial real estate veteran, Parritz most recently served as asset manager at Värde Partners, a global alternative investment firm, where he co-managed a real estate limited partner equity and debt portfolio with a combined value of over $4 billion.

“With so much uncertainty in the market and so few buyers right now, many owners and lenders with office properties need advice on what to do with their assets – or they know what to do but are not staffed for it,” said Parritz. “This is what we live and breathe. Using our experience as owners that have successfully turned around multiple properties in different markets across the country, we can advise others on the strategies that will generate revenue, drive tenant satisfaction and create value. We will help them sleep better at night knowing their properties are in good hands.”

Glenstar will develop comprehensive business plans customized to clients’ properties and specific balance sheets. They will assess each property and identify what and how much to invest in it; create a leasing strategy; negotiate leases; identify and carry out capital improvements; and assist in dispositions of the property when the time is right. Through its vertically integrated structure combining property management, asset management and strategic oversight, Glenstar will see all activities through to execution, adjusting as needed based on changing market factors.

In his previous position at Värde, Parritz led asset management, workouts and disposition efforts for several properties, achieving significant cost savings, returns and value enhancement. He also collaborated with internal and external stakeholders to execute strategies, negotiate contracts and oversee operations. Prior to that, Parritz was a vice president and asset manager at Singerman Real Estate, where he contributed to the acquisition, disposition and management of over $1 billion of real estate assets.

“Adam’s depth of experience aligns with our commitment to bring our proven redevelopment, repositioning and value-creating approaches to properties beyond those we have an ownership stake in,” said Michael Klein, co-founder and managing principal of Glenstar. “He is an expert at identifying properties that may be changing ownership. For large office properties in today’s challenging market, his unique abilities enable the prompt implementation of strategies that will add value.”

“Glenstar is known for creating the kind of office environments tenants want to be in through the right mix of amenity offerings, tenant engagement programs and attentive service,” Parritz said. “My background in asset managing commercial properties combined with Glenstar’s decades of ownership expertise and reputation for adding value make a great combination for driving strategic growth in asset management.”

Glenstar manages nearly 6 million square feet of commercial property in the Chicago and Dallas markets. One of Glenstar’s recent successes in providing asset and property management services includes Triangle Plaza near Chicago’s O’Hare International Airport. In June 2023, Värde Partners retained Glenstar to provide asset, property and construction management services for the two 14-story towers totaling 636,000 square feet. In the first year of Glenstar’s stewardship, following the implementation of numerous strategic efficiencies, Triangle Plaza’s NOI increased by 10%, or $650,000. “We have seen improvement in our dealings in the building since Glenstar took over,” said Tom Payne, manager, office service, Komatsu, a company that occupies 80,000 square feet at Triangle Plaza. “Things have been better and more proactive with Glenstar.”

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.