Chicago-based Glenstar and a private investor have recapitalized Presidents Plaza, a two-tower, highly amenitized office complex near O’Hare International Airport in Chicago in an all-cash sales transaction that closed on Oct. 22.
In addition to purchasing the 831,442-square-foot complex for $62 million, Glenstar and its equity partner have set aside capital to fund tenant improvements, in addition to allocating nearly $16 million to build spec suites along with upgrading amenities and common areas at the office property located at 8600-8700 W. Bryn Mawr Ave., in the O’Hare submarket.
The availability of capital allows tenant improvement projects to move forward quickly, as they will be insulated from interest-rate pressures and cash constraints. Spec suites will include the latest in-demand features such as open ceilings, collaborative working spaces and conference rooms with state-of-the-art audiovisual equipment.
Initial plans call for a golf simulator and common area improvements to round out the abundant number of amenities added during the property’s recent $34 million renovation. Property upgrades included a redevelopment of the three-story atrium lobby, three-level health club, fully renovated lounge, café with full seating and 6,300-square-foot conference center facility. The property won the International TOBY for Renovated Building in 2022 – TOBY stands for The Outstanding Building of the Year.
The Glenstar property management team will continue serving tenants on-site and via Glenstar Connect, an app-based platform to improve the tenant experience by connecting tenants with community-building events.
Presidents Plaza is centrally located at the four-way intersection of Cumberland Avenue and Interstate 90 and offers direct access to public transportation on the CTA Blue Line, allowing tenants to recruit from both the suburbs and the city. The property is also surrounded by dining, entertainment and retail venues.
Dan Deuter, Tom Sitz and Cody Hundertmark of Cushman & Wakefield represented the seller in the Oct. 22 sales transaction. Glenstar has served as the property and asset manager of the complex since 2006.
