Evanston incubator more than triples HQ space

Business incubator 511 Capital signed a 10-year lease for 10,090 square feet in the 20-story Orrington Plaza office tower in Evanston, the firm said. 511 previously leased about 2,900 square feet in the Rotary International Building, 1560 Sherman Ave., and is in temporary space in Orrington Plaza until moving into its permanent space in September, founder Russell Potterfield said. The two-year-old firm has 12 employees in its headquarters and 225 in Shenzhen, China, where it manufactures the products its businesses design, and the new space leaves room for significant headquarters growth, Potterfield said. 511 anticipates $10 million in 2015 revenue, up from about $4.5 million last year, Potterfield said. 511's businesses include PrintNinja, which prints materials such as comic books, graphic novels and catalogs, and Phitz, which creates unique cases for guitars and other musical instruments. “We took a big space because we anticipate big growth,” Potterfield said. “We didn't even have a manufacturing facility until 12 months ago.” 511 was represented in the lease by Rich Schulz, president of Chicago-based brokerage J. Rich Co. Orrington Plaza, 1603 Orrington Ave., is owned by a venture of Chicago-based Golub & Co. and New York-based Investcorp.

 

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