Amcor Holdings Buys 500 Davis Street in Evanston

The 10-story office building sold for $11.5 million after occupancy rates dropped significantly since 2018.

Updated on Oct. 28, 2026 in Commercial

Amcor Holdings Buys 500 Davis Street in Evanston

Live Poll

Do you believe the remote work trend will continue to lower commercial property values in your area?

Amcor Holdings recently acquired 500 Davis Street in Evanston for $11.5 million. The sale represents a major decline in property value compared to the $32.3 million purchase price from 2018.

Why it matters

The sale highlights the ongoing impact of remote work trends on downtown office demand. Occupancy at the site fell from 96% in 2018 to 62% at the time of the transaction.

The 10-story, 125,000-square-foot building includes a 250-spot parking garage. Downtown Evanston currently faces office vacancy rates exceeding 18%.

The players

Amcor Holdings

This is the acquiring firm that finalized the purchase of the downtown Evanston office property.

Randy Rissman

He was the owner who listed the office building for sale earlier this year.

The details

Randy Rissman listed the 1978-built property earlier this year before selling the title to Amcor Holdings. The asset has changed hands multiple times since a 2009 foreclosure, including sales for $14.9 million in 2014 and $18 million in 2016.

The building entered foreclosure in 2009.
Sabel Financial Group purchased the building in 2014.
A venture of Steelbridge Capital purchased the property in 2016.
Randy Rissman purchased the building in December 2018.
Amcor Holdings completed the acquisition in October 2026.

Culture Shift

The transaction reflects a broader trend of declining commercial real estate values in urban centers impacted by remote work. This sale follows the pattern set by the nationwide post-pandemic decline in central business district office occupancy.

Residents and local businesses may see changes in how the 125,000-square-foot building is utilized under its new ownership. The sale could lead to shifts in long-term occupancy strategies for other downtown properties facing similar vacancy pressures.

The takeaway

Commercial property owners are increasingly forced to adjust expectations as office vacancy rates remain elevated. Investors should monitor how repurposing efforts might reshape downtown districts facing these new market realities.