Onni Group Secures Leases With Clausen Miller And Stout Risius Ross For 44,000 SF Office
225 West Randolph Street
Building Size
44,000 SF
Asset Type
Office
Closing
Feb 13, 2025
About this deal
AI
The property involved in this transaction is a 31-story office tower located at 225 West Randolph Street in Chicago, encompassing an asset type of office with a total square footage of 44,000 SF. The landlord for this lease is Innocenzo De Cotiis from Onni Group.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 225 West Randolph Street
- Market: Chicago
- Landlord: Innocenzo De Cotiis - Onni Group
- Tenants: Dennis Fitzpatrick - Clausen Miller; Craige L. Stout - Stout Risius Ross
- Brokers: Jack O'Brien & Matthew Whipple - Telos Group
The lease includes tenants Clausen Miller and Stout Risius Ross, each occupying 22,000 SF. The deals signify a trend of tenants downsizing, while Onni Group is taking advantage of a $140M renovation and Class L tax incentives to attract office users amidst high vacancy rates in downtown Chicago.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93