Improvements At Presidents Plaza Drive New Leases And Renewals
GlenStar Properties announced today that 272,000 square feet of leases have been completed at Presidents Plaza in the past twelve months, including 221,000 square feet of new leases. The project is now 80 percent leased.
Located at 8600-8700 West Bryn Mawr in the Chicago portion of the O’Hare submarket, Presidents Plaza is comprised of four Class A office buildings totaling 821,000 square feet. Presidents Plaza was acquired in late 2006 by a partnership between Prudential Real Estate Investors and GlenStar Properties. Since the acquisition, the partnership has invested more than $10 million to enhance the quality of the property. Project upgrades include renovated common areas and restrooms, a new boulevard entrance to the development, a new circular driveway and canopies over the building entrances, and various technology upgrades. These investments have been rewarded with tremendous new leasing success and superior tenant retention.
New tenants include Property Casualty Insurers Association of America (39,256 sf), The General Services Administration (36,530 sf), LifeStory (31,455 sf), Lafarge North America (31,196 sf), Maritz Holdings (17,845 sf), The College Entrance Exam Board (11,499 sf), Kinecta Federal Credit Union (11,324 sf) and eClinicalworks (10,976 sf). In addition to these and other new leases, fifteen renewal transactions were completed totaling 51,000 sf.
“As an economic development organization chaired by Mayor Rahm Emanuel, we are pleased that these companies have elected to grow in Chicago. Job creation is our number one priority, and we value the companies’ expansions and investments in our city and its people,” said Rita Athas, president of World Business Chicago. “We welcome Lafarge North America, which recently chose Chicago for its new corporate headquarters, and congratulate all of these growing companies. Locating in Chicago will provide them with top-notch talent and resources for continued success.”
Presidents Plaza possesses five important selling features that attract quality tenants: 1) Chicago address, 2) short walk to the Cumberland Blue Line station, 3) location at the only four-way interchange in the O’Hare office market, 4) numerous amenities including a fitness center, food service, convenience mart, travel agent, structured and underground parking, 24-hour on-site security, on-site management, plus the adjacent 362-room Renaissance Chicago O’Hare Suites Hotel with airport shuttle, and 5) stable institutional ownership who is committed to maintaining the project at a Class A level.