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Key Points
Onni Group is negotiating to buy the 50-story office tower at 161 North Clark Street in the Loop, placing the Vancouver-based developer directly across from Google’s future Chicago headquarters.
The purchase is Onni's second major Loop office bet, reinforcing its strategy that Google's presence will drive foot traffic and tenancy into the central Loop. The tower is already 89% leased, well above the downtown average.
The seller is Societe Generale, which seized the nearly 1.1 million-square-foot property last year through a $237 million foreclosure. The eventual sale price is expected to reflect a significant discount from its $331 million trade in 2013.