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Kushner sells Chicago office building at loss

225 West Randolph Street (Credit: Kushner)

Kushner Companies is nearing a deal to sell its lone Chicago office building at 225 West Randolph Street to Onni Group for $188 million, Crain’s reported. Kushner Companies initially purchased the 853,000-square-foot building 13 years ago for $276 million in a sale-leaseback with AT&T. The telecom giant’s 670,000-square-foot lease expires in 2022.

  • Worth Noting: The deal is contingent on the City Council designating the building a landmark, and giving its owners an accompanying property tax break, according to the report, citing budget documents with the city Landmarks Commission.
  • Be Smart: Two years ago, Kushner agreed to sell the building to an Angelo Gordon-led venture, which has since transferred its purchase agreement to Onni.
  • Building was in media spotlight: Kushner refinanced the building with a $184 million mortgage in 2017 from Apollo Global Management; the debt retired a $132 million mortgage. The refi agreement led White House ethics investigators to launch a probe in 2018 after an Apollo executive had meetings at the White House with Jared Kushner. [Crain’s]

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