After a $30 million renovation effort, the vacancy rate for Continental Towers in Rolling Meadows dropped below 10%.

CHICAGO—Another renovated suburban office complex has changed hands, one of several to do so recently as properties that once struggled now fill up with tenants and attract investor interest. CT Acquisitions, LLC, a partnership between Philadelphia-based Rubenstein Partners and Chicago-based GlenStar, has acquired Continental Towers, a 911,341-square-foot campus located in Rolling Meadows, IL, for $121.5 million.

That's a stunning turnaround for a property that was less than 50% occupied in 2013 when GlenStar and its previous partner Walton Street Capital bought it for just $58 million. After a $30 million renovation effort, GlenStar dropped the vacancy below 10% by signing a flurry of leases with new tenants such as Verizon and Panasonic. But even after a half-decade of success, the company was not ready to quit the complex.

“We still feel like there is work to do, as well as many opportunities,” Michael Klein, a GlenStar principal, tells GlobeSt.com. The new JV earmarked $20 million for additional renovations, and the upcoming efforts will build on what the company did in the last five years. The lobbies, café and amenity spaces will receive further upgrades, and the restroom and corridor renovations will continue.