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Glenstar has partnered with a private investor for the recapitalization of Presidents Plaza, an 831,442-square-foot office complex near O’Hare International Airport in Chicago. The $62 million, all-cash deal will enable the owners to make additional capital improvements at the two-tower property.

Glenstar, a national commercial real estate owner, developer and operator which has had ownership stakes in the 14.7-acre property dating back to 2006, did not disclose the name of its new equity partner.

However, Crain’s Chicago Business reported earlier this month a venture led by Patrick Halloran of Wayzata, Minn., was under contract to buy Presidents Plaza in a joint venture with Glenstar for more than $60 million. Halloran is an executive with private equity firm Wayzata Investment Partners. Dan Deuter, Tom Sitz and Cody Hundertmark of Cushman & Wakefield represented the seller in the transaction.