Rubenstein, GlenStar JV on Continental Towers Complex
Locally-based GlenStar and Philadelphia-based Rubenstein Partners have formed a joint venture on Continental Towers in Rolling Meadows, IL. The JV, CT Acquisitions LLC, paid $121.5 million for the 910,976-square-foot office complex.
GlenStar initially acquired the property in 2013, and has spent about $30 million on capital upgrades. The new JV sets aside $20 million for additional renovations.
“The Continental Towers property represents everything we typically look for in an investment,” said Rubenstein’s Brandon Huffman. “We believe strongly that the combination of the property’s exceptional location in suburban Northwest Chicago, and our planned significant capital improvements, will make this an attractive choice to office users.”
The JV envisions a complete overhaul of the complex’s two-acre plaza deck, along with lobbies, café and amenity space. “Having such a large outdoor space – a two-acre blank canvas – will allow us to do something very unique and special at Continental Towers,” said GlenStar’s Michael Klein.
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