Younan Properties Inc. this week announced the acquisition of 211 East Ontario, a 172,000-square-foot, class A high-rise in downtown Chicago.
The value of the transaction was not disclosed.
Purchased from Zeller Realty Group, 211 East Ontario is located in the North Michigan Avenue submarket. The 18-story property, built in 1984, was 92 percent occupied at the time of sale by tenants that include Berman Center LLC, FireStar Communications, The Focus Centre of Chicago, LKH&S Inc., and Ruder Finn Inc.
“We continue to strengthen our position as a dominant landlord in the Chicago office market with the acquisition of 211 East Ontario,” said Zaya Younan, chairman & CEO of Younan Properties Inc. “We believe Chicago is one of the country’s most promising office markets. Going forward, we see a significant recovery in office demand, which is fueled by office employment growth, recovery in manufacturing output and a significant migration of population and office employment in the next three to five years.”
As Younan Properties’ fourth major acquisition in Chicago in less than 15 months, 211 East Ontario brings YPI’s Class A assets in the Windy City to more than 600,000 square feet. The firm also owns Embassy Plaza, One North Arlington and Prairie Stone Commons.