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Chicago & Midwest  + Downtown  + Office  | 

Onni Goes into Contract on 225 Randolph St.

In a bet on the future of the downtown Chicago office market, Vancouver, Canada-based Onni Group is under contract to purchase 225 W. Randolph St. from Kushner Cos., Crain’s Chicago Business reported.

The deal is contingent on City Council designating the 853,000-square-foot building a landmark and giving its owners a related property tax break, Crain’s reported. If those conditions are met, Onni would buy the building for roughly $188 million and spend another $154 million renovating it.

The deal is a pivot from a 2018 agreement Kushner Cos. reached to sell the building to a venture led by Angelo, Gordon & Co., which had considered taking on the renovation but has since transferred its purchase agreement to Onni.
Kushner, whose former CEO Jared Kushner is now senior adviser to his father-in-law, President Donald Trump, has owned the building since paying $276 million in a 2007 sale-leaseback deal with AT&T.

For comments, questions or concerns, please contact Paul Bubny

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Inside The Story

Read more at Crain’s ChicagoConnect With Onni Group

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition

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