Developers Reach $101M Deal For 30-Story Chicago Tower

Law360, New York (April 18, 2012, 6:08 PM EDT) -- Real estate developer Younan Properties Inc. has sold its 30-story Chicago office building to private Canadian property manager the Onni Group of Cos. for $101 million, a source close to the matter confirmed Wednesday.

Younan said the sale of the 645,170-square-foot office building is part of its effort to deleverage by recycling capital and strengthening its balance sheet. The company owed nearly $90 million in past-due debt on the property, according to the source.

The property is Vancouver-based developer Onni Group's first asset in Chicago and...
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