O'Hare Office Market Still has Room to Grow

Presidents Plaza recently had $15 million in upgrades, but the new owners plan to make additional changes.

CHICAGO—The office market around O’Hare Airport has fully recovered from the recession, but it looks like there is room for even more improvement. A JLL team recently helped complete the $147 million sale of Presidents Plaza, a pair of class A office buildings at 8600 and 8700 W. Bryn Mawr Ave., and even though its occupancy has increased in the past few years from just above 50% to 92.4%, the new owners still have big plans for the property.

New York City-based Angelo, Gordon & Co., bought the 834,893-square-foot property from a partnership between Chicago’s GlenStar Properties, LLC and PGIM Real Estate that has owned the property since 2006. Glenstar has decided to stay on as partner and provide further building upgrades. The property has received more than $15 million in capital renovations since 2016.