Onni Group in talks for skyscraper opposite Google’s Thompson Center project
A major Canadian real estate player is close to securing a deal to acquire a 50-story office tower in Chicago’s Loop, offering prime views of Google’s extensive redevelopment of the James R. Thompson Center.
According to sources, Onni Group is in advanced discussions to purchase the high-rise located at 161 N. Clark St. from French financial institution Société Générale. While the exact purchase figure hasn’t been confirmed, estimates place it at more than $120 million.
Although this amount is significantly lower than the building’s original $230 million loan value, a sale above $120 million stands out in today’s market, where major U.S. cities — including Chicago — have seen sharply discounted office transactions. The tower’s strong location near public transit and City Hall, along with its high-quality infrastructure, are key factors supporting the comparatively stronger price.
The property also benefits from its position directly across from Google’s prominent redevelopment of the iconic Helmut Jahn–designed Thompson Center. That project, led in partnership with Prime Group and Capri Investment Group, has fueled optimism that the Loop’s lagging office market may finally be turning a corner.
The nearly 1.1 million-square-foot building — first reported as being under contract by Crain’s Chicago Business — is not yet officially sold, and given the difficult lending environment for office properties, the deal could still face complications. Both Onni and Société Générale declined to comment to CoStar News.
In recent years, high interest rates and tighter lending standards have halted several office sales in Chicago. One such attempt was a 2024 proposal from Farpoint Development to acquire the same tower at a significant discount, which ultimately collapsed.
Built in 1992, the property is currently 89% leased, based on CoStar data, and houses prominent tenants such as Grant Thornton and Cook County. The skyscraper last traded hands in 2013 for over $331 million, when it was purchased by South Korea’s postal system with guidance from CBRE Investment Management. The current lender later refinanced it in 2018.
Société Générale moved to foreclose in late 2023 and officially took ownership last year. Despite challenging conditions, the lender and Xroads Real Estate Advisors continued active leasing efforts, securing tenants such as law firm Salvi, Schostok & Pritchard, which expanded its presence across two floors.
Onni Group is expected to integrate the Clark Street tower into its growing Chicago portfolio. The firm is already advancing redevelopment at 225 W. Randolph St. and has long-term plans to deliver thousands of new apartments in the Goose Island area. It also owns the nearby 30-story tower at 200 N. LaSalle St.
For the Record
The seller is represented by Eastdil Secured brokers Bryan Rosenberg and David Caprile.
Source: Original reporting by Ryan Ori, CoStar News.
