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Once-Distressed Evanston Office On Sales Block
Owners of the eight-story office building at 1007 Church St. in Evanston, IL have hired the Chicago office of HFF to market the property. The marketing activity occurs just two years after the Farbman Group of Michigan and Philadelphia-based Lubert-Adler Partners bought the property out of distress and fixed it up.
Local media reports suggest that the Helmut Jahn-designed property could sell for about $29 million, or more than its pre-crash value. The partners had acquired the property in 2014 through buying its defaulted $20.5 mortgage, then taking on the mortgage for an additional $9.6 million.
The 153,389-square-foot building was built in 1984, and is known as the Church Street Office Center. It is currently 79% leased. When bought out of distress, the property was approximately 52% occupied.
