Intel·Signal: Neutral (weak/10)

Rissman lists Evanston office building at sharp discount

2 sources

1 tier-2

Apr 1

Rissman lists Evanston office building at sharp discount

A prominent local investor is preparing to take a significant loss on a suburban office property, marking another chapter in the ongoing devaluation of Chicago-area commercial real estate. Glencoe-based investor Randy Rissman listed the 10-story office building at 500 Davis Street in Evanston, acco

Key Takeaways

1Randy Rissman listed the 10-story office building at 500 Davis Street in Evanston for an anticipated sale price between $10 million and $15 million, according to industry sources [therealdeal.com].
2The property was originally acquired for just over $32 million in December 2018, indicating a potential loss of more than 50 percent for the ownership group [therealdeal.com].
3The building currently has an occupancy rate of 62 percent, significantly down from the 96 percent occupancy rate at the time of purchase [therealdeal.com].
4Affinius Capital provided a $21.5 million mortgage to finance the acquisition of the property in 2018 [therealdeal.com].
5The listing is framed as a short sale to avoid a formal loan default or foreclosure process before the debt matures in late 2028 [therealdeal.com].

CRE Taxonomy

ThemeOffice Intelligence

Property Typesoffice

MarketsChicago

Risk Factors

Declining occupancy rates may lead to further financial distress for the ownership group.

High

Investors should closely monitor leasing activity and tenant retention strategies to assess future cash flow.

Potential for a short sale could indicate deeper financial issues within the property.

Medium

Conduct thorough due diligence on the property's financials and current market conditions before considering investment.

Market sentiment may shift negatively, impacting future valuations of similar properties.

High

Stay informed on broader market trends and adjust investment strategies accordingly to mitigate exposure.

Coverage Timeline

First CoverageMar 31, 2026, 9:30 PM

Peak CoverageApr 1, 2026, 3:32 AM

Steady

Sources

1 tracked

The Real Deal Chicago

tier2

Rissman lists Evanston office building at sharp discount

End of Intelligence Report · 1 Sources Verified