Suburban Landlords Creating New Class A+ Offices
CHICAGO—Following a national trend, some suburban landlords are ready to spend considerable amounts redeveloping a select group of class A properties. GlenStar Properties has helped lead the way in the Chicago metro area, and has just launched the largest redevelopment project ever undertaken in the Northwest suburban office submarket, a $28 million capital campaign at its Schaumburg Corporate Center.
“We have every confidence in the northwest suburban office market as evidenced by our significant commitment to this redevelopment,” says Michael Klein, a GlenStar principal. “We completed a similar but smaller scale redevelopment of Continental Towers in Rolling Meadows about three years ago, and the result is a property that is currently over 90% occupied.”