CHICAGO — Cushman & Wakefield has brokered the sale of 121 W. Wacker, a 41-story office tower overlooking the Chicago River. The buyers, Chicago-based investors Ken Buckman and Robert Castillo, intend to invest substantial capital to re-energize the nearly century-old building. Planned enhancements include a significant upgrade to the outdoor amenity terrace and 24th-floor conference center, a remodeled restaurant and bar managed by a Chicago hospitality firm and a refreshed main lobby. Ware Malcomb will oversee all interior and exterior architecture, with Ameritus continuing as the building’s property manager.
Completed in 1930 and designed by Chicago architects Holabird & Root, the 441,030-square-foot property stands as one of the city’s most recognizable Art Deco skyscrapers. Originally known as the LaSalle-Wacker Building, the tower is located at the gateway to Chicago’s historic LaSalle Street corridor. The building is now included within the West Loop-LaSalle Street Historic District on the National Register of Historic Places. United Airlines and McDonald’s both maintained offices at the property previously.
Cody Hundertmark and Tom Sitz of Cushman & Wakefield represented the seller, Chicago-based Ameritus. Cushman & Wakefield has been retained as the leasing agent for the property, with Mason Taylor and Paige Krueger leading leasing efforts. According to Crain’s Chicago Business, the sales price was nearly $30 million, a massive discount from the $118.5 million that Ameritus paid for the property in 2018.