Vermilion Development announces its new 210,000-square-foot, 18-story office development located at 605 Davis Street in Evanston, Illinois. The Class A trophy asset, which could deliver as early as 2022, will be the first new high-rise office building constructed in Evanston in 20 years. Located at Davis Street and Chicago Avenue in Evanston’s downtown core, the tower was designed by international firm Solomon Cordwell Buenz. Newmark Knight Frank (NKF) Senior Managing Director John Clark and Vice Chairman Bill Rolander will lead marketing and leasing efforts at the development. The planned development for the new tower was approved Monday, April 27th by Evanston’s City Council.
“605 Davis will be the most technology-forward, sustainable and modern building in Evanston. These features paired with a main-and-main location and marquee views will draw high caliber tenants to the building,” said Rolander. “This office tower will be in a class of its own in Evanston.”
The state-of-the-art, tech-enabled building will feature 15 floors of modern, sustainably designed office space with access to conference and fitness facilities, a tenant lounge and an outdoor terrace. The building’s ground floor will contain two retail suites, a secured and highly finished lobby and large bike room. The top two floors will feature private balcony access with dramatic views of Lake Michigan and Chicago.
“In addition to the exceptional quality planned for the building, Evanston’s urban feel and superior location will attract premier tenants,” said NKF’s John Clark. “This location has everything that an office tenant would want for its workforce-transit-oriented with both the “L” and Metra within 1,000 feet of the site and walkable to Evanston’s restaurants and entertainment.”
Class A office product has been in extremely high demand in Evanston, with rents rising 27.2 percent in the past 5 years, according to NKF Research. Direct Class A office vacancy in Evanston is just over 5 percent, with no new office space under construction. By comparison, direct Class A office vacancy in downtown Chicago is 12 percent and there is 6.9 million square feet of new office product under construction or proposed.
“We are thrilled to make this project a reality. We worked extensively with the City of Evanston to design a sustainable, modern, striking tower that will bring new tenants to a thriving market,” said Matt Havey, Managing Director at Vermilion Development.
“In the current environment, industry experts understand modern office space is rapidly changing. This building will be the first of its kind in Evanston and allow tenants to flexibly structure their space in response to emerging trends,” concluded Havey.
About Vermilion Development
Vermilion Development is a Chicago-based real estate development and investment firm specializing in community-oriented mixed-use projects and public-private partnerships. Founded in 1992, Vermilion has completed or is currently completing developments totaling more than 500 million of gross investment value.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.