55 East Monroe – Chicago, IL
1.5 Million-SF Office Building

President's Plaza – Chicago, IL
810,000-SF Office Complex

Willow-Sanders Property – Cook County, IL
Mixed-Use Development

263 Shuman Boulevard – Naperville, IL
350,000-SF Office Building

International Tower – 8550 W. Bryn Mawr,
Chicago, IL
300,000-SF Office Building

Cumberland Centre – 5440 N. Cumberland Ave.,
Chicago, IL
330,000-SF Office Complex

Other Recent Developments		  
263 Shuman Boulevard, Naperville, IL
350,000-SF Office Building
 

Opportunity
At 350,000 square feet in size, the former Lucent Technologies office building in Naperville had been vacant for several years when GlenStar purchased it in November 2004. A thorough strategic plan was developed, with upgrade and repositioning costs totaling $25 million.

Result
In October 2005, less than 12 months after the property was acquired, the entire building was leased to OfficeMax as its new corporate headquarters. OfficeMax moved in on June 1, 2006, and the property was sold to Wells REIT one month later (July 2006) at a substantial profit to the venture.

This result earned the 2006 NAIOP Annual Award as the "Office Re-Development of the Year." The lease with OfficeMax won the "Suburban Office Transaction of the Year."

Copyright © 2006 GlenStar Properties, LLC.