A joint venture of Lubert-Adler and The Farbman Group has acquired the 154,000 SF Class A office building at 1007 Church Street in Evanston, IL.
Designed by the renowned architect Helmut Jahn and developed in 1984, 1007 Church Street enjoys a prime location in downtown Evanston near Northwestern University and adjacent to a major transit station. Its amenities include 351 parking spaces, two rooftop decks, and an outdoor patio. The JV plans to improve the building, currently at 52 percent occupancy, and then lease the remaining vacancy.
Lubert-Adler, which invests on behalf of leading national university endowments and state retirement systems, owns five other Chicagoland properties with The Farbman Group.
"Our Chicago strategy has been to target assets where value can be created through repositioning, upgrading, or leasing to create durable income streams that are not dependent on market revenue growth," said Dean Adler, CEO and Co-Founder, Lubert-Adler Partners. "We execute this strategy through an experienced operator with local market expertise, which provides an alignment of interests with the infrastructure necessary for success. 1007 Church Street represents an attractive redevelopment opportunity at a favorable cost basis in a transit- oriented location."