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225 West Randolph Street

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

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

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