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An Evanston Landmark Gets New Co-Owner in Golub’s Latest Joint Venture

GEM Realty Buys Investcorp's Majority Stake in Orrington Plaza, Touted as Tallest Building Between Chicago and Milwaukee
June 7, 2018
Golub & Co. has found a new majority-stake partner for the 20-story Orrington Plaza in downtown Evanston, IL, a building it has jointly owned in a handful of different partnerships since 2002.

Golub and New York-based Investcorp announced the sale this week, ending months of speculation about the 339,000-square-foot building that has been touted as the tallest structure between Chicago and Milwaukee.

Terms of the sale were not disclosed, but the industry newsletter Real Estate Alert, which first reported the news, valued the tower at $91 million, or roughly $268 per square foot. Chicago-based GEM Realty Capital is Golub’s new partner, according to published reports, though GEM has not confirmed that.

Golub didn’t disclose the “new institutional capital partner,” but noted that Golub will keep an ownership stake, and continue to operate, manage and lease the property.

Located at 1603 Orrington Ave., the tower is an icon in the North Shore Chicago suburb known for its sprawling Lake Michigan waterfront and outsized residences, as well as the home of Northwestern University. As the city’s structural giant, the Orrington offers the only unobstructed office views of the lake and the Chicago skyline from Evanston’s business and retail district. The adjacent 31,000-square-foot, two-story retail piece of the property is at 1629 Orrington.

Lowe Enterprises Real Estate, one of Golub’s past partners in the building, sold Orrington Plaza to Golub and Investcorp in October 2013 for $61.5 million, or about $181 per square foot, according to CoStar research.

The property, which was constructed in 1969, is nearly 97 percent leased with the weighted average remaining lease at about six years. Mag­netar Capital is the anchor tenant with about 71,000 square feet, and Northwest­ern University leases about 29,000 square feet in the building.

For the Record:

Golub’s Adam Short negotiated the transaction on behalf of Golub. The sellers were represented by CBRE brokers Paul Lundstedt and Dan Deuter.

For more information on the transaction, please see CoStar Comp #4285080.

Jennifer Waters, Chicago Reporter  CoStar Group   

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