Evanston 20-story office tower sold
Chicago-based international real estate developer Golub & Company and New York-based Investcorp said today that they have sold Orrington Plaza, a 20-story office tower in downtown Evanston.
Golub will maintain an ownership stake in the building by co-investing with a new institutional capital partner and will continue to operate, manage, and lease the property.
"We are pleased to maintain an ownership interest in Orrington Plaza, located in the heart of Evanston, one of the strongest office submarkets in the Chicago area," said Michael Newman, president and CEO of Golub & Company. "Orrington Plaza is the premier building for tenants seeking trophy space in the northern suburbs, and we expect high demand for office space of this caliber to continue."
A Golub & Company team led by Adam Short negotiated the transaction on behalf of Golub. The sellers were represented by CBRE brokers Paul Lundstedt and Dan Deuter. Terms of the deal have not been disclosed.
Orrington Plaza, 1603 Orrington Ave., offers 309,000 square feet of office space and 30,000 square feet of retail and is centrally located in Evanston's downtown, accessible by Chicago public transportation and near Northwestern University. The building offers unobstructed views of Lake Michigan and the Chicago skyline, 24-hour manned lobby security, an enclosed heated garage, a tenant lounge and bike room, among other amenities. Its ground-floor retail is occupied by Next of Kinship restaurant and cafe from Chicago-based L3 Hospitality Group and a full-service JPMorgan Chase branch and wealth management office.