GlenStar Properties LLC and USAA Real Estate Company Announce Purchase of the Chicago Board of Trade Building from CME Group
April 23, 2012 - Chicago, IL
GlenStar Properties LLC and USAA Real Estate Company have completed the acquisition of the landmark Chicago Board of Trade Building. This two-building office complex, totaling 1.3 million square feet, is the global financial center for financial and commodity futures and options products.
“We are thrilled to have the opportunity to reposition and introduce this iconic property to the market. Together, we have a clear vision for leveraging the extraordinary technological infrastructure and redundancies of this telecommunications powerhouse,” said Michael Klein, principal at GlenStar Properties. He added “We look forward to expanding the tenant base and attracting a wealth of new technology companies to this premier property.”
“We are very excited about our new partnership with GlenStar Properties and the tremendous opportunity this investment presents for us and our clients,” said Pat Duncan, Chairman and CEO of USAA Real Estate Company. “This partnership pairs the strong property and leasing operations of GlenStar with USAA Real Estate Company capital. Together we will preserve the tradition of the iconic Chicago Board of Trade Building while introducing to the market its unmatched infrastructure that can support the long term needs of all business operations.”
The partnership is additionally pleased to announce a long term commitment to the building by CME Group. They have entered into a long term lease for 150,000 sf including the agricultural trading floor space as well as other office space in the buildings.
About the Chicago Board of Trade Building’s New Ownership
Founded in 1997, GlenStar Properties LLC is a Chicago-based commercial real estate investment and development firm engaged in new development as well as in property investment, leasing and management services. For more information please visit www.glenstarproperties.com.
CME Group is a trademark of CME Group Inc., used here with permission. Chicago Board of Trade is a trademark of the Board of Trade of the City of Chicago, Inc., used here with permission.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment asset management services to U.S. pension funds as well as foreign and domestic institutional investors. USAA Real Estate Company also provides capital to partners for development. The portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.