Chicago-based Glenstar executed three leases totaling 100,000 square feet at Presidents Plaza, a two-tower, 831,442-square-foot office complex at 8600-8700 W. Bryn Mawr Ave. in Chicago near O’Hare International Airport.
The lease agreements follow the October 2024 sale of the property to a joint venture of Glenstar and a private investor.
In April, Glenstar signed a 40,000-square-foot office lease at Presidents Plaza with FM, a global commercial property insurance and loss prevention company that will relocate its regional office to Presidents Plaza from Park Ridge, Ill. Formerly known as FM Global, FM has a network of offices in the U.S. and internationally. Its clients operate across a variety of industries and include one in four Fortune 500 companies.
Glenstar also executed a 40,000-square-foot lease with Do It Best, the Fort Wayne, Ind.-based home improvement retailer that acquired True Value last year.
In the third transaction, current tenant Meitheal Pharmaceuticals, a biopharmaceutical company named the second-fastest growing company on the 2024 Crain’s Chicago Business “Fast 50” list, signed a 20,000-square-foot expansion lease that doubles its footprint to 40,000 square feet.
The new ownership at Presidents Plaza is investing $16 million in improvements across the two buildings. Among its many enhancements, a golf simulator is slated to open this summer. Spec suites are also being constructed, featuring in-demand features such as open ceilings, collaborative workspaces and conference rooms with state-of-the-art A/V equipment. These improvements add to the property’s $34 million in renovations completed in 2022 that included the redevelopment of a three-story atrium lobby, three-level health club, fully renovated lounge, café with seating and conference center facility.
Presidents Plaza is centrally located at the four-way intersection of Cumberland Avenue and Interstate 90 and offers direct access to the adjacent CTA Cumberland Blue Line station, allowing tenants to recruit from both the suburbs and city. The property is also surrounded by numerous retail, restaurant, entertainment and hospitality offerings.
