CHICAGO-Almost a year to the day that Zaya Younan, chairman and CEO of Woodland Hills, CA-based Younan Properties Inc., told GlobeSt.com that he planned on pushing more into the Chicago market, he has sold his largest office here. Onni Group, based in Vancouver, purchased the 30-story 200 N. LaSalle tower for a reported $101 million.
Younan admitted he had some trouble with financing properties after the downturn, but in an April 18, 2011 interview, he said that he planned on purchase more properties in Chicago. However, Younan reportedly owed $86 million on a past-due loan for 200 N. LaSalle. Onni reportedly bought the tower through a $70 million loan through HSBC Bank.
In a statement Tuesday, Younan described the sale as part of a “capital recycling program” which furthers the company’s stated strategy of realigning its portfolio and reducing leverage. “Over the past year, we have made significant progress in deleveraging our portfolio, opportunistically recycling capital, strengthening our balance sheet and securing a sustainable platform on which to grow,” he said.
Younan had also tried to take the company public in a $575 million IPO, a process started in early 2010. The IPO was formally withdrawn in January 2012.
The 200 N. LaSalle tower is about 645,170 square feet and includes tenants such as law firm Schiller DuCanto & Fleck LLP. The occupancy rate was not released. Onni representatives did not return a call for comment.
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