ROLLING MEADOWS, IL—GlenStar Properties LLC and Walton Street Capital LLC have reportedly purchased Continental Towers here about $58.5 million.

The three-tower, 910,796-sq.-ft. office complex was acquired from CW Capital on behalf of the owner, 1701 West Golf Road Holdings LLC. Prime Group Realty Trust had owned the property but defaulted on a loan three years ago. A subsidiary of Aareal Bank A.G. reportedly financed the new deal with a five-year, $53.7 million loan.

Michael Klein, principal at GlenStar, said the firm will begin an $8 million capital campaign that will include an overhaul of the driveways and entranceways, parking lot and landscaping. Signage, restrooms, tenant corridors and lobbies will follow, he said in a statement.

“Continental Towers was, at the time it was built, one of the premier suburban office complexes. But over the past 10 years there has been very little investment of capital at the property,” said Klein. “We are looking at everything right now in order to upgrade and reposition the asset alongside its competitive set.” He said with the acquisition, under the current planned unit development zoning, GlenStar also has the right to build up to an additional one million square feet of space with structured parking on 34-acre site.

The property is 60 percent leased, with 186,000 square feet ready for lease in Tower Two. Tenants include Komatsu America Corp., the Lincoln National Life Insurance Co., Advocate Health Partners, Fifth Third Bank and Chicago Title Insurance Co.