Canadian developer Onni Group has shelled out $125 million for the 50-story office tower at 161 N. Clark St. in Chicago’s Loop, one of the priciest downtown office trades in years. The buy adds another trophy to Onni’s Chicago lineup and injects fresh cash into a slice of the central Loop that is steadily reshaping around Google’s incoming campus.
Deal details
According to CoStar, Onni Group closed on the 50-story tower at 161 N. Clark St. for $125 million on March 27, 2026. CoStar notes that the sale price ranks among the highest paid for a Chicago office building in recent years.
About the building
The tower climbs roughly 50 stories and offers about 1.1 million square feet of office space, according to the Council on Tall Buildings and Urban Habitat. The glass-and-steel high-rise has long been a staple Loop address and tends to attract tenants who want to be close to nearby courthouses and government offices.
How it came to market
The property hit the market after the loan tied to the tower went bad, and lender Société Générale moved to foreclose on the Korea Post-led ownership group. As reported by The Real Deal, Société Générale ultimately seized control of the asset, then brought in Eastdil Secured to market it while weighing whether to keep or sell the building.
Onni's Chicago playbook
Onni has been reworking downtown buildings and recently completed a major redo of 225 West Randolph, now rebranded as The Bell, as part of a push to lure tenants seeking amenity-heavy, hospitality-style offices. In a release detailed by Business Wire, the company highlighted tenant relocations and upgraded amenities as key to its strategy for turning around Loop properties.
What the sale signals
The $125 million price tag stands out in a market dominated by discounts and distress, suggesting that some investors are still willing to pay up for well-located assets they believe they can reposition. CoStar has described the deal as one of the larger recent trades in the Loop, and industry coverage has pointed to a broader reset in downtown office values as lenders and buyers test what the market will bear around catalyst projects such as Google’s nearby redevelopment. (CoStar The Real Deal)
What comes next
Onni now faces the standard to-do list that comes with a big Loop tower: planning capital improvements, ramping up leasing, and deciding whether to keep the property as a refreshed office campus or push for a more dramatic repositioning. For everyone keeping score downtown, this sale will serve as one more data point on whether investor appetite for Chicago office buildings is finally starting to steady.
