Panasonic Corporation of North America (Panasonic), the Newark-based subsidiary of Panasonic Corporation, has signed a long-term lease for 48,813 square feet at Continental Towers in Rolling Meadows, announced GlenStar Properties.
The office, which moves from 5201 Tollview Road in Rolling Meadows, will serve as the consumer electronic giant’s Midwest regional headquarters. It will take the entire 11th and 12th floors of Tower 3 when the lease commences in June 2015.
Panasonic’s new location allows the firm to house two separate business units – each on its own floor – while reducing its overall space needs via increased efficiency. Continental Towers’ amenities, along with building signage and minimal disruption for employee commuting patterns, were cited as reasons for the move.
Mitch Loveman and Kevin Duckler with Newmark Grubb Knight Frank represented Panasonic in the transaction. GlenStar’s Dave Trumpy and Bill Debb represented ownership.
Continental Towers is a 911,341-square-foot, three-tower office complex centered around an amenity rich concourse featuring a 30,000-square-foot, full service fitness center, a large conference/training facility and a Foodbarz deli. The buildings sit on a 34-acre corporate campus that provides tenants with unobstructed views in all directions, easy access to the Woodfield Retail Corridor and high visibility along I-90.
GlenStar recently completed the first phase of a two-phase, $12.0 million capital improvement plan that features updated lobbies, renovated tenant corridors and washrooms as well as upgraded elevator systems. Phase Two will commence this spring and will include a fully redesigned site plan, new main entrance, covered pick-up/drop-off areas and a multi-level parking deck.
