FD Stonewater Acquires $30M Chicago Office Asset
- Jan 17, 2017
Chicago—FD Stonewater has acquired 1007 Church St. in Evanston, Ill., from Farbman Group. Renamed Evanston MetroCenter, the Class A, 164,845-square-foot, multi-tenant office building sold for $30 million, according to Yardi Matrix. Built in 1984, the eight-story property was designed by renowned architect Helmut Jahn.
There are plans to enhance the tenant experience through physical building improvements, expanded tenant services and cosmetic upgrades. The acquisition includes on-site expansion potential. Located one block from the Davis Street Metro Station and 13 miles from Chicago’s central business district, the property was 79 percent leased at the time of acquisition and includes tenants in education, technology and health care.
“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,” Andrew Schwartzman, principal & head of Acquisitions for FD Stonewater, said in prepared remarks. “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.”
Image courtesy of Yardi Matrix