search

The Real Deal Logo

Trending

H-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aRent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraud
Commercial
Chicago

Onni Group buying West Loop office building for $80M

The acquisition of Union Tower adds to Canadian firm’s growing Chicago holdings

Onni Group President Rossano de Cotiis
Onni Group President Rossano de Cotiis

Onni Group is buying a West Loop office building, placing an $80 million bet on the continued ability of the Downtown office market to fill its growing inventory.

The Vancouver-based developer is under contract to buy the Union Tower at 550 West Van Buren Street from Iowa-based Principal Life Insurance, according to Crain’s.

Sign Up for the undefined Newsletter

Union Tower is 91 percent leased, with Huron Consulting Group its largest tenant at 134,000 square feet, Crain’s said. The average occupancy Downtown at the end of 2018 was about 87 percent, barely budging despite the addition of 3 million square feet of new space.

Onni has a number of Chicago projects in the pipeline, including the redevelopment of the Atrium Village apartment complex in Old Town, where it’s trying to win approval for its next phase.

The firm last year also proposed a 356-unit rental tower at 353 West Grand Avenue in River North, and picked up a property at 352 North Union Avenue in the West Loop where 372 apartments were planned. [Crain’s] — John O’Brien

Tags
Commercial Real EstateOfficeOnni GroupWest Loop