GlenStar-Rubenstein Plan Phase Two Renovation of Continental Towers

ROLLING MEADOWS, IL—The ownership of the Continental Towers office complex here—Chicago-based GlenStar and Rubenstein Partners, L.P. of Philadelphia—plans to undertake a $15-million renovation of the property here.

The renovation is the second of a two-phase redevelopment project at Continental Towers, a 910,796-square-foot office complex located at 1701 Golf Road in Rolling Meadows, that began in 2015. Continental Towers is a three-tower office complex located in Northwest suburban Chicago. GlenStar originally acquired the property in 2013 and recapitalized the project in 2018 with Rubenstein.

At the heart of the phase two project is a re-imagined outdoor terrace that will transform the concrete plaza into nearly an acre of multi-level landscaped space featuring a lounge, grilling and gathering areas, fire pits and a synthetic lawn area for health and wellness activities. In addition, the property’s café and amenity center is also getting a top to bottom makeover and will be connected to the new terrace, creating a unique indoor/outdoor entertainment space. New lobbies, elevator cabs and landscaping at the buildings will also be a part of phase two work, the building ownership states.

“Our modernization and capital improvement plan for Continental Towers is intended to comprehensively update and reposition an already exceptional asset,” says Peter Gottlieb with Rubenstein Partners. “We feel we have a unique opportunity to further enhance a well-located building in the attractive Northwest Chicago suburban office market and ensure that it continues to stand out from other properties in the region for years to come.”

The new campaign follows the completion of phase one, a $30-million project that involved the construction of a new 734 stall parking garage; exterior improvements including new drive-ups, drop-offs, canopies and lighting; a full renovation of the 22,000-square-foot, on-site fitness center run by Midtown Health Club; corridor and restroom renovations and various mechanical upgrades.

Work began in June on phase two and is scheduled to be completed by the second quarter of 2020.

“We are building on previous campaigns to ensure that our tenants have the most up-to-date, activated amenities in the suburbs,” said GlenStar’s managing principal Michael Klein.

By the spring of 2020, GlenStar will have invested more than $200 million over the past five years repositioning and modernizing office projects, with a focus on unique amenities and programs that enhance and redefine the tenant office experience. GlenStar’s portfolio currently stands at more than 8 million square feet.

Rubenstein has invested in more than 21 million square feet of office real estate assets throughout the United States since 2005.