Chicago-based GlenStar Properties, LLC, along with an institutional capital partner, has purchased Continental Towers, a 910,796-square-foot office complex located in Rolling Meadows, Ill., from CW Capital on behalf of the owner 1701 West Golf Road Holdings, LLC, for an undisclosed price.
GlenStar will embark on a capital improvement campaign to restore the complex to its former “top-of-market” status.
“Continental Towers was, at the time it was built, one of the premier suburban office complexes. But over the past 10 years there has been very little investment of capital at the property,” said GlenStar principal Michael Klein. “Our goal is to bring it back to a Class-A, top-of-market complex.”
The $8 million capital campaign will begin with an overhaul of the driveways and entranceways, parking lot and landscaping so as to create a more inviting, and easier to navigate, entry into the complex. Signage, restrooms, tenant corridors and lobbies will follow, but, according to Klein, nothing is off the table.
