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Lowe Enterprises Buys 308,695-SF Complex

EVANSTON, IL-Lowe Enterprises Investors, on behalf of Lowe Enterprises Real Estate Income and Growth Partners, acquires Orrington Plaza.

By Dana Dubriwny | Updated on September 28, 2006

EVANSTON, IL-Los Angeles-based Lowe Enterprises Investors, on behalf of Lowe Enterprises Real Estate Income and Growth Partners, has acquired Orrington Plaza, a 308,695-sf office and retail complex. The property was purchased from Commonfund Realty and Golub & Co.

“The vacant retail building offers tremendous potential as over the past five years Downtown Evanston has attracted abundant in-fill retail and residential development,” says Kathy Briscoe, executive vice president, Lowe Enterprises Investors. “We will be evaluating options for leasing and/or redevelopment of this key piece of the complex.”

The complex consists of a 20-story office tower and a 31,357-sf, two-story retail building. Lowe Enterprises plans to invest $4 million in improvements to the 95%-leased office tower, located on 1.15 acres at 1603 Orrington Ave. Tenants include JP Morgan Chase, Magnetar Capital, Mather Lifeways and Medpoint. Approximately 25% of the office tower, currently leased to one company, will become available in early 2007.

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