Evanston MetroCenter

FD Stonewater purchased this 163,036 SF, Class A, transit-oriented building in late 2016. The asset and adjacent development parcel are located in a strong Chicago suburb. After purchasing the asset, FD Stonewater entered into a JV to develop the adjacent land parcel. The asset immediately underwent a rebranding process as well as $1 million capital plan including lobby renovations, a new tenant lounge, additional outdoor amenities, conference center, yoga room, and bike room. Within nine months of acquisition, occupancy increased from 78% to 100%. The asset is significantly outperforming the underwritten NOI through new leasing, improved rents, energy efficiency, and cost savings.