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Chicago & Midwest  + Greater Chicagoland  + Office  |  April 1, 2019
Paul Bubny
By: Paul Bubny

Downtown Evanston Office Trades for $10M+

Marcus & Millichap has brokered the sale of 820 Davis St., a 76,239-square-foot, five-story office building in downtown Evanston, IL for $10.6 million. Stephen Lieberman, first VP, investments, in Marcus & Millichap’s Chicago Downtown office, exclusively marketed the property on behalf of the seller, a North Shore-based private family that had owned the property for nearly 20 years.

Lieberman also procured the buyer, Free Market Ventures, a Chicago-based private investment group that plans to do an extensive renovation and modernization of the building.

“The office market in Evanston is extremely stable, particularly in the central business district, where 820 Davis St. is located,” said Lieberman. “New ownership has the opportunity to renovate and reposition the property in the near-term for additional value creation.

“Considering the current and future outlook for office space demand in downtown Evanston, ownership should prove to be successful,” he added.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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