November 10, 2016
A Helmut Jahn-designed building in Evanston, IL is under contract for $30 million. The amount is three times more than seller Farbman Group and Lubert-Adler Partners paid in 2014 to get the 155,652-square-foot office building at 1001 Church St. out of distress. The buyer is F.D. Stonewater.
Southfield, MI-based Farbman and Lubert-Adler from Philadelphia acquired the building’s defaulted loan a little more than two years ago for $9.6 million, representing less than half the loan’s $20.5 million. During their hold, the owners upgraded the lobbies and common areas, and leased large blocks of vacant space. When acquired from distress, the office building was 49% vacant. When the deal closes, FD Stonewater will buy an 80% occupied asset.
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