Onni Group Commits $25 Million to Revamp Chicago Tower
The Onni Group plans to upgrade the 50-story 161 North Clark Street office building with new amenities and a larger lobby.
Updated on Nov. 4, 2026 in Commercial
Onni Group has committed $25 million to revamp the 161 North Clark Street office tower in Chicago. The 50-story building is 70 percent leased, and Onni purchased it out of distress in March for $125 million.
Why it matters
The revamp is intended to attract tenants seeking upscale workspace and to help retain leases that are expiring soon. The project also ties the building to the Thompson Center remodel across the street.
The building is 70 percent leased, with Cook County occupying 100,000 square feet whose lease expires in October 2027. The $125 million purchase price compares with $331 million paid in 2013, and the timeline for filling the 175,000 square feet of available space has not been disclosed.
The players
Onni Group
Onni Group is a Canadian real estate company that has been revitalizing office properties, including the nearby 225 West Randolph Street project known as The Bell.
Telos Group
Telos Group is a commercial real estate firm that will oversee leasing efforts at the 161 North Clark Street property.
The details
Onni Group plans to add 60,000 square feet of amenities across two floors, including a wellness center with hot and cold plunge tubs, a high-end bar and a lounge area. The company will also upgrade 50,000 square feet of the lobby, and Telos Group will oversee leasing efforts at the property.
Timeline
2013: The building's previous purchase price was $331 million.
2023: A Paris-based lender seized the building to resolve a $236 million lawsuit against the previous owners.
March: Onni Group purchased the building for $125 million.
October 2027: Cook County's lease at the building expires.
Revitalization Playbook
Onni Group's 161 North Clark Street revamp follows the pattern it used at 225 West Randolph Street, known as The Bell, where it signed Golub Capital to 200,000 square feet in 2025. The approach pairs distressed purchases with upgraded amenities to fill large downtown office buildings.
Businesses seeking upscale downtown office space in Chicago may find more options as the building adds amenities and upgrades its lobby. Tenants whose leases are expiring soon could see new renovation-driven offers from the landlord.
The takeaway
Downtown office owners in Chicago are increasingly investing in amenities and lobbies to compete for tenants. Anyone tracking the market should watch how quickly the building's remaining 175,000 square feet is leased.
Further reading
Explore more Chicago commercial real estate coverage to see how downtown office owners are reshaping their buildings.
Source note: This article includes information reported by The Real Deal New York.
