Chicago-based Glenstar launched its 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 their 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.
Glenstar will develop comprehensive business plans customized to clients’ properties and specific balance sheets. The firm 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.
