CHICAGO—GlenStar Properties LLC andWalton Street Capital LLC have taken another stepin their efforts to stabilize Continental Towers, an officeproperty in suburban Rolling Meadows that was struggling when thepartners bought it in 2013. Komatsu America Corp.has just renewed its 105,437-square-foot lease at the911,341-square-foot, three-tower office complex.

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

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

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After GlenStar and WaltonStreet bought Continental Towers, the partnersembarked on an $8 million capital campaign in order toupgrade and reposition the buildings. In 2012, the buildings wereless than 50% occupied. As reported in GlobeSt.com, earlier thisyear, the occupancy rate reached 62% after the owners completedseven new leases. In the largest of the those leases,Ceannate Corp., a student loan collector, expandedby almost 50%, taking an additional 23,682-square-feet, bringingits total to 74,340-square-feet.

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

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.