CHICAGO—GlenStar Properties LLC and Walton Street Capital LLC have taken another step in their efforts to stabilize Continental Towers, an office property in suburban Rolling Meadows that was struggling when the partners bought it in 2013. Komatsu America Corp. has just renewed its 105,437-square-foot lease at the 911,341-square-foot, three-tower office complex.

Located within Continental Tower I at 1701 Golf Rd., the company is the US subsidiary of Komatsu Ltd., the world's second largest manufacturer and supplier of earth-moving equipment. The Rolling Meadows location functions as its US headquarters. Michael Hull, a senior vice president of MB Real Estate, represented Komatsu in the transaction. Dave Trumpy of GlenStar Properties represented ownership.

“After an extensive search of the marketplace, our analysis determined that Komatsu's current offices provided the most advantageous solution for the client's requirements at this time,” says Hull. “We were able to secure favorable terms on behalf of the client and keep a location conducive to its employee base.”

After GlenStar and Walton Street bought Continental Towers, the partners embarked on an $8 million capital campaign in order to upgrade and reposition the buildings. In 2012, the buildings were less than 50% occupied. As reported in GlobeSt.com, earlier this year, the occupancy rate reached 62% after the owners completed seven new leases. In the largest of the those leases, Ceannate Corp., a student loan collector, expanded by almost 50%, taking an additional 23,682-square-feet, bringing its total to 74,340-square-feet.

"The goal is to get the complex fully leased over the next few years," said GlenStar's Michael Klein.