Presidents Plaza Office Towers Sell For $147M In Chicago’s O’Hare Market
JLL’s Capital Markets experts completed the sale of Presidents Plaza, a pair of Class A office buildings at 8600 & 8700 W. Bryn Mawr Avenue in the O’Hare submarket of Chicago. New York-based alternative investment firm Angelo, Gordon & Co. bought the assets for $147 million. The seller, a partnership between Chicago’s GlenStar Properties, LLC and a global real estate investment manager, has owned the property since 2006. Glenstar is currently the buildings’ leasing and managing service provider, and will partner with Angelo, Gordon & Co. to provide services and building upgrades moving forward.
“We saw an opportunity with Presidents Plaza to use our in-house leasing, management and development expertise to add value to a significant asset by positioning it for a wider range of tenants seeking transit-oriented, modern, efficient space in a highly appealing location,” added Michael A. Klein, managing principal and co-founder of GlenStar Properties.
Developed in 1980, the buildings total 834,893 square feet and are 92.4 percent leased to a high caliber roster of institutional-quality, investment-grade tenants. The property, which is LEED Silver and EnergyStar certified, received more than $15 million in capital renovations since 2016, including improvements to building systems, lobbies, entrances, canopies and landscaping. Amenities at the property include a 17,900-square-foot fitness center, a state of the art conference center, café, hair salon/barber, convenience store, tenant lounge and a full-service car wash.
“We continue to see demand for large office spaces that have been upgraded, especially in the O’Hare submarket where tenants enjoy exceptional accessibility,” said JLL managing director James Postweiler, who handled the transaction along with fellow managing director Peter Harwood.
The property is directly west of the four-way interchange of I-90 and Cumberland Avenue and is approximately three miles east of the O’Hare International Airport. The property features a Chicago address, which is an important differentiator for tenants seeking a suburban location, while remaining associated to Chicago.
“Presidents Plaza is ideally located in O’Hare, which has emerged as Chicago’s strongest suburban submarket due to its direct access to downtown mass-transit and convenient drive times to the city’s residential neighborhoods,” said Scott Glassberg, Vice President for Angelo, Gordon & Co. “Our purchase of Presidents Plaza underscores our commitment to investing in well-managed, Class A properties with first-class amenities.”