Onni Group buys 161 North Clark Chicago office tower for $125M

Onni Group, the Vancouver, British Columbia-based real estate developer and investor, paid $125 million for the 1.1 million-square-foot office property at 161 North Clark Street in Chicago's Loop. Barings provided $156.7 million of acquisition financing to facilitate the purchase, which was first reported by Crain's Chicago Business. The price of approximately $113.64 per square foot reflects the significant discount to replacement cost that Chicago office assets continue to trade at. The tower, located in Chicago's core Loop office submarket, is a prominent high-rise with significant value-add and repositioning potential. Onni has been active in Chicago real estate, focusing on mixed-use and residential development as well as commercial acquisitions.