April 1, 2019 Comments Off on Downtown Evanston Office Trades for $10M+ Views: 425 Chicago News, Greater Chicagoland

Downtown Evanston Office Trades for $10M+

Marcus & Millichap has brokered the sale of 820 Davis St., a 76,239-square-foot, five-story office building in downtown Evanston, IL for $10.6 million. Stephen Lieberman, first VP, investments, in Marcus & Millichap’s Chicago Downtown office, exclusively marketed the property on behalf of the seller, a North Shore-based private family that had owned the property for nearly 20 years.

Lieberman also procured the buyer, Free Market Ventures, a Chicago-based private investment group that plans to do an extensive renovation and modernization of the building.

“The office market in Evanston is extremely stable, particularly in the central business district, where 820 Davis St. is located,” said Lieberman. “New ownership has the opportunity to renovate and reposition the property in the near-term for additional value creation.

“Considering the current and future outlook for office space demand in downtown Evanston, ownership should prove to be successful,” he added.

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