Chicago-based Golub & Company and New York-based Investcorp have sold Orrington Plaza, a 20-story office tower in downtown Evanston, Illinois. However, Golub & Company 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 sub-markets in the Chicago area,” said Michael Newman, president and CEO, 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.”
Orrington Plaza, 1603 Orrington Avenue, 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, a restaurant and café from Chicago-based L3 Hospitality Group, and a full-service JP Morgan Chase branch and wealth management office.
Golub & Company represented themselves on the transaction, with a team led by Adam Short. CBRE brokers Paul Lundstedt and Dan Deuter negotiated on behalf of the sellers. Terms of the deal have not been disclosed.