Onni Group secured a $60 million loan for its acquisition of a West Loop office building, adding to its growing portfolio of Chicago office and multifamily properties.
The Vancouver-based developer on March 27 picked up the 332,000-square-foot office complex at 550 West Van Buren Street, paying $78 million for the building, Cook County property records show. The $60.2 million acquisition loan from PNC Bank helped finance the deal, records show.
Onni acquired the building from Iowa-based Principal Life Insurance, records show. Known as Union Tower, the building is anchored by Huron Consulting Group, whose 134,000-square-foot lease runs through 2024, according to Crain’s.
The building currently has about 40,000 square feet of rentable space over seven office suites, according to Onni’s website. There are 17 heated parking spots reserved for executives, and the ground floor has a Starbucks.
Onni, which has grown to become one of Los Angeles’ biggest developers, is an increasingly major player in Chicago real estate.
In January, Onni bought a Greyhound Bus maintenance building on Goose Island for $38 million, though its plans for the property are unknown.
The developer is working on the second phase of its massive, three-phase development in Old Town that will include three new residential towers and a redeveloped residential mid-rise. Onni also is working to bring a 356-unit building to River North, and it paid $17.5 million to acquire a West Loop development site where a 373-unit building has been proposed.
The firm also owns the office building at 200 North LaSalle Street, its only other office holding in the market, according to its website.