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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.
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- ◦Sale/Acquisition
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