FD Stonewater Acquires Historic Commercial Building In Evanston, Illinois
According to company officials, the iconic building was designed by world-class architect Helmut Jahn and is located less than one block from the Davis Street Station (Metra and CTA) and approximately 13 miles from Chicago's CBD.
The property, 79% leased upon acquisition, is home to several national and international tenants in the education, healthcare, and technology sectors. The acquisition was procured under FD Stonewater's secondary market, multi-tenant, value-add investment strategy.
The building has been renamed "Evanston MetroCenter" and ownership said it is planning to enhance the tenant experience through physical building improvements, expanded tenant services and cosmetic upgrades. The acquisition also includes onsite expansion potential that is currently being evaluated by FD Stonewater's development team for multiple possible uses.
FD Stonewater Principal Jeff Toporek commented, "We are thrilled to acquire Evanston MetroCenter, particularly on the heels of recently selling One North State Street in the Loop this summer. We have enjoyed success in Chicago and are excited to add such a high-quality, transit-oriented asset to our portfolio. The asset's superior location is well-suited to meet the discerning needs of tenants desiring an amenity-rich, urban environment outside of downtown Chicago but only an 18-minute train ride away."
Andrew Schwartzman, Principal and Head of Acquisitions for the firm added, "Evanston MetroCenter is one of only a few office buildings in all of Chicagoland's suburbs that offers superior access to mass transit, dozens of walkable amenities, and abundant parking in such a vibrant environment. We plan to restore the property's stature as a true Class A office building in Evanston with one of the most unique amenity bases in the market."
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