CHICAGO – Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, today announced the sale of 121 W. Wacker, a landmark 41-story office tower overlooking the Chicago River and located at the gateway to Chicago's historic LaSalle Street corridor. The 441,030-square-foot property was acquired by two Chicago-based investors Ken Buckman and Robert Castillo, who intend to invest substantial capital to re-energize the nearly century-old building.
Cushman & Wakefield's Cody Hundertmark and Tom Sitz represented the seller, Chicago-based real estate firm Ameritus, in the transaction. Following the acquisition, Cushman & Wakefield has been retained as the exclusive leasing agent for the property, with Mason Taylor and Paige Krueger leading leasing efforts.
Unlike many institutional office investors, the principals come from business entrepreneurship and private equity. Their vision for the property’s next chapter centers on long-term ownership, thoughtful modernization and renewing its prominence as one of downtown Chicago’s enduring architectural landmarks.
“Owning 121 W. Wacker is about much more than acquiring a real estate asset,” said Buckman. “As Chicago residents, we felt strongly that 121 W. Wacker should remain in local hands. The property has a remarkable history, an irreplaceable location and a presence in the Chicago skyline that deserves thoughtful stewardship. We have ambitious plans to modernize the tenant experience while preserving the character and architectural details that make this one of the city's great buildings.”
The ownership group is planning a series of capital improvements to position the tower for the needs of today’s leading companies. Enhancements include a significant upgrade to the outdoor amenity terrace and 24th floor conference center, a completely remodeled restaurant and bar managed by a leading Chicago hospitality firm and a refreshed main lobby experience.
Award-winning international design firm Ware Malcomb will oversee all interior and exterior architecture, with Ameritus continuing as the building’s property manager.
Situated at the intersection of Wacker Drive and LaSalle Street, the property offers sweeping views of the Chicago River and skyline, immediate access to the Chicago Riverwalk and multiple public transportation options. The location places it amid the growing residential and business activity reshaping the Loop, just one block from Google’s new Chicago headquarters, scheduled to open next year.
"121 W. Wacker remains one of the most distinctive office buildings in downtown Chicago, offering something that cannot be replicated: authentic architectural character in an unmatched riverfront location,” said Mason Taylor, Executive Managing Director, Agency Leasing at Cushman & Wakefield. “The new ownership group brings an entrepreneurial mindset, a genuine commitment to Chicago and a willingness to invest in the building's future. With planned upgrades throughout the property, it is exceptionally well-positioned to attract companies seeking a premier office environment, centrally located along Wacker Drive."
Completed in 1930 and designed by renowned Chicago architects Holabird & Root, 121 W. Wacker stands as one of the city’s most recognizable Art Deco skyscrapers. Originally known as the LaSalle-Wacker Building, the tower helped establish the northern gateway to Chicago’s historic financial district and was among the last major buildings constructed in the city before the Great Depression. Now included within the West Loop-LaSalle Street Historic District on the National Register of Historic Places, the building has witnessed nearly a century of Chicago’s evolution, with early ties to two iconic companies, United Airlines and McDonald’s, both of which once maintained offices at the property.
