Evanston’s City Council has approved Vermilion Development’s 210,000-square-foot, 18-story office project, located at 605 Davis Street in Evanston, Illinois. Scheduled for delivery as early as 2022, the Class A asset would be the first new high-rise office building constructed in Evanston in 20 years.
“We are thrilled to make this project a reality. We worked extensively with the city of Evanston to design a sustainable, modern, striking tower that will bring new tenants to a thriving market,” said Matt Havey, managing director at Vermilion Development.
Located in Evanston’s downtown core, the tower was designed by international firm SCB. Newmark Knight Frank (NKF) senior managing director, John Clark, and vice chairman, Bill Rolander, will lead marketing and leasing efforts at the development.
“605 Davis will be the most technology-forward, sustainable and modern building in Evanston. These features paired with a main-and-main location and marquee views will draw high caliber tenants to the building,” said Rolander. “This office tower will be in a class of its own in Evanston.”
The state-of-the-art, tech-enabled building will feature 15 floors of modern, sustainably designed office space with access to conference and fitness facilities, a tenant lounge and an outdoor terrace. The building’s ground floor will contain two retail suites, a secured and highly finished lobby and large bike room. The top two floors will feature private balcony access with dramatic views of Lake Michigan and Chicago.
“In addition to the exceptional quality planned for the building, Evanston’s urban feel and superior location will attract premier tenants,” said Clark. “This location has everything that an office tenant would want for its workforce—transit oriented with both the ‘L’ and Metra within 1,000 feet of the site and walkable to Evanston’s restaurants and entertainment.”
Class A office product has been in extremely high demand in Evanston, with rents rising 27.2 percent in the past five years, according to NKF research. Direct Class A office vacancy in Evanston is just over 5 percent, with no new office space under construction. By comparison, direct Class A office vacancy in downtown Chicago is 12 percent and there is 6.9 million square feet of new office product under construction or proposed.
“In the current environment, industry experts understand modern office space is rapidly changing. This building will be the first of its kind in Evanston and allow tenants to flexibly structure their space in response to emerging trends,” said Havey.
