Younan Properties Inc. has completed the sale of 200 N. LaSalle to the Onni Group, a private real estate developer and manager headquartered in Vancouver.
“This disposition represents another significant transaction for downtown Chicago,” said Zaya Younan, chairman and CEO of Younan Properties. “Institutional buyers see long-term value in this market as evidenced by a 24 percent increase in sales over the past year. Moreover, this is another example of our ability to market our high quality, class A assets in our portfolio at a price that exceeds its loan value. The building traded at an impressive 4.5 cap rate, which is indicative of its time-tested quality and appeal.”
Younan Properties was represented in the transaction by Stephen Livaditis, senior managing director, and Chang Lee, director of Eastdil Secured in Chicago.
200 North LaSalle is a premier, class A, 30-story office building with 645,170-square-foot office tower. Its location on LaSalle Street has long been considered the heart of Chicago’s financial district and the hub of the Central Business District. The building features a unique design that offers 10 corner offices per floor. The virtually column free floor plates allow for efficient space planning and its floor-to-ceiling windows offer tenants an abundance of natural light and expansive views.
With this disposition, Younan Properties will own and manage nearly 6 million square feet of class A office space in Dallas, Houston, Chicago, Los Angeles and Phoenix.