Omni Group Buys Chicago's 200 N. LaSalle for $101M from Younan Properties
- Apr 19, 2012
By Nicholas Ziegler, News Editor
Omni Group, a private developer based in Vancouver, has spent $101 million to become the new owner of 200 N. LaSalle in Chicago, acquiring the asset from Younan Properties. The 30-story, 645,170-square-foot building sits in the heart of the city’s financial district. Younan was represented by Eastdil Secured in the transaction.
Zaya Younan, chairman & CEO of Younan Properties, noted that the asset’s sale “demonstrates the ongoing success of our capital-recycling program” as the firm continues to de-leverage and realign its portfolio.
“Institutional buyers see long-term value in this market as evidenced by a 24 percent increase in sales over the past year,” Younan continued. “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 (percent) cap rate, which is indicative of its time-tested quality and appeal.”
The sale is a good indicator for the city’s 2012 outlook, as sources pegged Chicago to be a market that could be at the mercy of larger economic conditions. A study by services firm Jones Lang LaSalle noted that the Chicagoland area reached 10 percent unemployment once again by the end of 2011, after looking like it would recover during a mid-year dip in the joblessness rate. “Until concerns over global and regional fluctuations subside,” the report noted, “the Chicago economy should remain on a flat, moderate course.”