Orrington Plaza gets new owner

1603 Orrington, in an image from the Orrington Plaza website.

A Chicago-based firm reportedly has agreed to buy a majority stake in the 20-story office tower at 1703 Orrington Ave. in Evanston.

Chicago Business and Real Estate Alert report the deal values the tower at $91 million -- roughly 50 percent more than the $61.5 million current owners Investcorp and Golub paid for the building in 2013.

Golub will maintain its minority stake in the building and continue to manage it, the reports said.

The office building is fully occupied with 31 tenants, according to a marketing flier from the brokerage firm that handled the deal, CBRE Group. CBRE says office vacancy rates in Evanston are less than 5 percent, compared to 13.2 percent in downtown Chicago and 23.3 percent in the Chicago suburbs overall.

Evanston is scheduled to get a new office building on what's known as the library parking lot at 1714 Chicago Ave., but that project has not yet cleared the city's planned development review process.

Related story

Orrington Plaza on the market again (2/6/18)

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