CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) announces that TIAA-CREF has purchased The Park Evanston, (photo top left) a 283-unit, 24-story, Class A multifamily high-rise in the heart of downtown Evanston, Illinois.HFF senior managing director Matthew Lawton, managing director Marty O’Connell and directors Sean Fogarty and Janice Sellis led the investment sales team on behalf of the seller, The John Buck Company.
Approximately 10 miles north of downtown Chicago, The Park Evanston is located at 1630 Chicago Avenue, close to Lake Michigan, Evanston beaches and Northwestern University. Many shops and restaurants, Class A office, and both CTA and Metra train lines are only a few minutes walk from the property as well.
Completed in 1997, The Park Evanston offers luxury apartments with unobstructed views of Lake Michigan and downtown Chicago in addition to approximately 39,000 square feet of street level retail space that is leased to Whole Foods among other tenants. The property’s amenity package includes covered parking, a roof-top swimming pool and sundeck, a fitness center, a business center and a community room. The Park Evanston is currently 97% occupied.
“At TIAA-CREF, we use a long-term, consistent approach based on fundamental sector and geography analysis and local market knowledge to identify properties that we believe will help us achieve attractive risk-adjusted returns,” said Trevor Michael, managing director, US Acquisitions, TIAA-CREF Global Real Estate. “We are pleased to expand our investments in the Evanston area through adding The Park Evanston to our portfolio of commercial properties.”
The John Buck Company (JBC) is an innovative developer of office, high-rise residential, hotel and retail/entertainment properties. The company’s opportunistic development and acquisition strategies build solid value-added property fund portfolios that are positioned to outperform the general market. JBC is one of the largest management and leasing companies in the Midwest. The company has developed over 30 million square feet and oversees more than 10 million square feet of office space in the Chicago and New York metropolitan areas.
TIAA-CREF is a national financial services organization with more than $435 billion in combined assets under management (12/31/07) and is the leading provider of retirement services in the academic, research, medical and cultural fields. With an approximate $69 billion global portfolio of direct and indirect investments (12/31/07), TIAA-CREF is one of the largest institutional real estate investors in the nation.
Investments are both domestic – covering more than 40 states and the District of Columbia – and foreign – in Canada and Western Europe. TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., Members FINRA, distribute securities products.
Contacts:
Matthew D. Lawton
HFF Senior Managing Director
312 528 3650
mlawton@hfflp.com
Laurie Fish McDowell
Associate Director HFF
lmcdowell@hfflp.com
One Post Office Square,
Suite 3500
Boston, MA 02109
tel 617.338.0990
fax 617.338.2150
http://www.hfflp.com/
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