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225 West Randolph Street

Updated Dec 4, 2024

Bilt advertisement
Onni Group Secures Law Firm Neal Gerber & Eisenberg With 90k SF Lease At 225 West Randolph St
LEASEDOffice

Onni Group Secures Law Firm Neal Gerber & Eisenberg With 90k SF Lease At 225 West Randolph St

225 West Randolph Street

Building Size

90,000 SF

Asset Type

Office

Closing

Nov 28, 2023

About this deal

AI

The Onni Group, a real estate developer based in Vancouver, has secured the law firm Neal Gerber & Eisenberg as the first tenant for its recently redeveloped office tower located at 225 West Randolph Street in downtown Chicago. The lease agreement spans three floors and covers a total of 90,000 square feet in this iconic 31-story building. Onni acquired the landmark property for $166 million in 2021, indicating its optimism about the future of the downtown Chicago office market.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 225 West Randolph Street, Chicago
  • Market: Chicago
  • Square Footage: 90,000

The tenant, Neal Gerber & Eisenberg, will occupy 90,000 square feet of office space across three floors in Onni Group's redeveloped office tower at 225 West Randolph Street in downtown Chicago. This lease agreement marks a significant milestone for both parties involved. The deal was facilitated by Kyle Kamin and Todd Lippman of CBRE, who represented the interests of Neal Gerber & Eisenberg. On the other hand, Jack O'Brien and Matthew Whipple of Telos Group served as representatives for the landlord, Onni Group.

Players

Todd Lippman

CBRE

Broker

6 deals

Broker
Onni Group
Onni GroupLandlord

Chicago Office Market Snapshot

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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

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