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
Chicago Office Market Snapshot
Boundary boundary · Office · Lease transactions
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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