Orrington Plaza on the market again

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

Evanston's tallest building, the Orrington Plaza office tower, is back on the market less than five years after its last sale.

Chicago Business reports owners Golub & Company and Investcorp are seeking $87 million, or $257 per square foot, for the 20-story building, which opened 49 years ago.

The owners paid just $61.5 million in October 2013 for the 339,050 square-foot property.

The building reportedly now is almost fully leased.

The brokerage CBRE, which is handling the listing, told Chicago Business that Class A office vacancy rates in Evanston were just 5.9 percent at the end of last year, compared to 15.8 percent in the suburbs overall and 13.5 percent in downtown Chicago.

And it's likely to be a while before any new Class A office space comes on the market in Evanston. The city has agreed to sell a parking lot at 1714-20 Chicago Ave. to be turned into an 11-story office building, but that project has yet to make its way through the city's planned development process.

Two other large office properties sold here over the past couple of years --.500 Davis St. went for $18 million, and 1007 Church St. sold for $26.8 million.

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