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Minnesota-based real estate firm is making a significant investment in Rosemont's office market with an acquisition near O'Hare International Airport. Onward Investors, led by John Solberg, will acquire the One O'Hare office building at 6250 North River Road from a joint venture of MDC Realty Advisors and Nicola Wealth Management. The deal was managed by Cody Hundertmark, Tom Sitz, and Dan Deuter of Cushman & Wakefield.

    The 380,360-square-foot building is expected to fetch around $70 million, or about $184 per square foot, although the actual sale price has not been disclosed. This would allow the sellers to retire their maturing mortgage but result in a significant loss of equity. The joint venture had acquired the property for $83 million in 2015 and invested $5.5 million in capital improvements.

    Despite challenges from remote work, which have led to decreased demand and lower property values nationwide, Chicago-area office sales have shown resilience, rising by 39 percent in the first half of this year compared to the same period last year. One O'Hare has been a standout in the region, boasting 93 percent occupancy and an average lease term of seven years, thanks in part to anchor tenants Reyes Holdings and Colliers.

    Onward Investors' diverse portfolio includes office and industrial properties primarily located in Minnesota and Atlanta, with nearly $750 million in assets under management. The property's proximity to O'Hare has made it attractive, even as other suburban office spaces struggle, with the O'Hare submarket boasting a vacancy rate of 24.3 percent compared to the suburban Chicago average of 31.3 percent.