Evanston Office Building Sells for $11.5 Million
The 10-story office property changed hands at a major discount from its 2018 value due to shifting occupancy.
Updated on Oct. 28, 2026 in Commercial
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Amcor Holdings recently acquired 500 Davis Street in Evanston for $11.5 million, marking a significant drop in value compared to its prior sale. The 10-story office building has struggled with shifting workplace demands, mirroring broader vacancy trends in the downtown area.
Why it matters
The sale highlights the steep decline in downtown Evanston commercial property values as remote work shifts have driven occupancy rates down to 62%. This transaction underscores the financial headwinds facing older office assets as local vacancy rates remain stubbornly high.
The 10-story, 125,000-square-foot building sold for $11.5 million, down from its $32.3 million price tag in 2018. The property includes a four-story parking garage with 250 spots and sits within a market where downtown Evanston office vacancy rates are currently above 18%.
The players
Amcor Holdings
The current property management and investment firm that acquired the 500 Davis Street office building.
Randy Rissman
The previous owner who held the property from 2018 until its recent sale.
Sabel Financial Group
A real estate investment firm that held ownership of the building in 2014.
Steelbridge Capital
A private equity firm that invested in the property during their 2016 venture.
The details
The property, originally constructed in 1978, has seen significant fluctuation in value and ownership over the last two decades. Declining demand for traditional office space led to a drop in occupancy from 96% in 2018 to just 62% at the time of the recent sale. The site was previously listed for sale by Randy Rissman before the title was transferred to Amcor Holdings.
Timeline
2009: The property entered foreclosure.
2014: Sabel Financial Group purchased the building for $14.9 million.
2016: A venture of Steelbridge Capital bought the building for $18 million.
December 2018: Randy Rissman acquired the building for $32.3 million.
October 2026: Amcor Holdings purchased the building for $11.5 million.
The Home Front
This sale follows the 18% office vacancy trend which has pressured valuations across the city's commercial district. The shift illustrates the broader impact of remote work on property values for large-scale, older office assets built in the 1970s.
Local property owners should track how commercial vacancy rates affect downtown foot traffic and business services in the surrounding neighborhoods. Homeowners can check property assessment trends via the Cook County Assessor's office to see how commercial shifts influence local tax bases.
The takeaway
Commercial office properties are seeing major price corrections as occupancy rates stabilize at lower levels than in previous years. Residents and investors should keep a close eye on downtown property tax fluctuations that often follow significant changes in commercial valuations.
Further reading
For more context on local business developments, visit Commercial.
Source note: This article includes information reported by Evanston Now.
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