Cushman & Wakefield has completed the sale of 121 W. Wacker, a 41-story office tower overlooking the Chicago River at the gateway to the city’s LaSalle Street corridor. The transaction involves a prominent downtown office asset that has long been a fixture of Chicago’s central business district skyline.
The 441,030-square-foot building was acquired by two Chicago-based investors, Ken Buckman and Robert Castillo. The new owners plan to commit substantial capital to refresh and re-energize the nearly century-old tower, positioning it for continued use within the competitive downtown office market. Specific financial terms of the deal were not disclosed.
Cushman & Wakefield advised on the disposition, with Cody Hundertmark and Tom Sitz representing the seller, Ameritus, in the sale. Following the transaction, Cushman & Wakefield has also been retained as the exclusive leasing agent for 121 W. Wacker, with leasing responsibilities led by Mason Taylor and Paige Krueger. This dual role underscores the firm’s ongoing involvement in both the investment and leasing strategies for the property.
The new ownership group is planning a series of capital improvements intended to elevate the tenant experience and update the property’s amenity offering. Planned upgrades include a significant enhancement of the outdoor amenity terrace and the 24th-floor conference center, along with a remodeled restaurant and bar and a refreshed main lobby. These improvements are aimed at modernizing shared spaces within the building while maintaining its historic character.
Design firm Ware Malcomb has been engaged to oversee all interior and exterior architecture associated with the planned capital program. Ameritus, the seller in the transaction, will continue to serve as the building’s property manager, providing continuity of on-site management as the upgrades move forward.
Originally completed in 1930 and designed by architects Holabird & Root, 121 W. Wacker was first known as the LaSalle-Wacker Building. The planned investment by the new ownership, together with a coordinated leasing and management team, signals an effort to keep this historic tower competitive within Chicago’s LaSalle Street corridor office market.
