{"id":1004818463,"date":"2026-11-11T05:21:21","date_gmt":"2026-11-11T13:21:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004818463"},"modified":"2026-11-11T05:21:22","modified_gmt":"2026-11-11T13:21:22","slug":"chicago-office-tower-changes-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chicago-office-tower-changes-hands\/","title":{"rendered":"Chicago Office Tower Changes Hands"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6af47095e78fc&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004818399\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/121wwackerfeatured\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/11\/121WWackerFeatured.png\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"121WWackerFeatured\" data-image-description=\"&lt;p&gt;Image sent with press release by Jeremy Barewin&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 41-story tower at 121 W. Wacker Drive in Chicago will undergo upgrades to its lobby, outdoor terrace and conference center under new ownership. Image courtesy of Cushman &#038; Wakefield &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/11\/121WWackerFeatured.png?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/11\/121WWackerFeatured.png?w=800\" alt=\"Illuminated Art Deco tower at 121 W. Wacker Drive among downtown Chicago high-rises at night.\" class=\"wp-image-1004818399\" style=\"width:391px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/11\/121WWackerFeatured.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/11\/121WWackerFeatured.png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/11\/121WWackerFeatured.png?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The 41-story tower at 121 W. Wacker Drive in Chicago will undergo upgrades to its lobby, outdoor terrace and conference center under new ownership.<em> Image courtesy of Cushman &amp; Wakefield <\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Local investors Ken Buckman and Robert Castillo have acquired 121 W. Wacker Drive, a landmark Art Deco 41-story office tower overlooking the Chicago River and the LaSalle Street corridor, from Ameritus for a reported $30 million.<\/p>\n\n\n\n<p>The purchase price was a 75 percent discount from the $118.5 million Ameritus paid Sterling Bay for the property in October 2018, according to Yardi Matrix data. Ameritus will continue as the building\u2019s property manager.<\/p>\n\n\n\n<p>The new owners are among investors betting on a downtown Chicago office recovery as Google prepares to relocate more than 2,500 employees from Fulton Market to its <a href=\"https:\/\/www.commercialsearch.com\/news\/these-cre-transactions-typify-an-interesting-2024\/\">new headquarters<\/a> at 100 W. Randolph St. in early 2028, according to Crain&#8217;s Chicago Business.<\/p>\n\n\n\n<p>While there has been movement in the downtown office market, buildings are selling at significant discounts as commercial property values have dropped in the post-pandemic era. Last week, a joint venture between Prime Finance and Hines <a href=\"https:\/\/www.commercialsearch.com\/news\/hines-jv-purchase-chicago-trophy-tower-for-115m\/\">acquired 225 W. Wacker Drive<\/a>, a Class A, 31-story, 651,000-square-foot office tower, for $115 million from Spear Street Capital. The sale price was approximately 45 percent below the $210 million Spear Street Capital paid for the property in June 2020.<\/p>\n\n\n\n<p>Cushman &amp; Wakefield\u2019s Executive Managing Directors Cody Hundertmark and Tom Sitz represented Ameritus. The firm has been retained as the exclusive leasing agent for the property. Executive Managing Director Mason Taylor and Leasing Director Paige Krueger will lead the leasing efforts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-future-capital-improvements\"><strong>Future capital improvements<\/strong><\/h2>\n\n\n\n<p>Buckman and Castillo plan a significant capital improvement program at the 441,030-square-foot tower, built in 1930, to attract new tenants. Planned upgrades include improvements to the outdoor amenity terrace and the 24<sup>th<\/sup>-floor conference center, a remodeled restaurant and bar and a refreshed main lobby.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>READ ALSO: <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-office-projects-under-construction-in-chicago\/\" data-type=\"link\" data-id=\"https:\/\/www.commercialsearch.com\/news\/top-5-office-projects-under-construction-in-chicago\/\">Top 5 Office Projects Under Construction in Chicago<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Design firm Ware Malcomb will oversee all interior and exterior architecture. Buckman said in prepared remarks the plan is to modernize the tenant experience while preserving the character and architectural details that make 121 W. Wacker Drive one of the city\u2019s great buildings. Cosmetic renovations were done in 1986, 2006 and 2016. Current amenities include a conference room, lounge, roof deck, convenience store and on-site bike storage.<\/p>\n\n\n\n<p>Originally known as the LaSalle-Wacker Building, the tower was designed by renowned Chicago architects Holabird &amp; Root and is one of the city\u2019s most recognizable Art Deco skyscrapers. It was one of the last major buildings constructed in Chicago before the Great Depression. The property is included in the West Loop-LaSalle Street Historic District on the National Register of Historic Places. United Airlines and McDonald\u2019s previously had offices in the tower.<\/p>\n\n\n\n<p>The office tower has a 31.3 percent vacancy rate, according to Yardi Matrix data. Current office tenants include Ameritus, Origin Investments, the Better Business Bureau and numerous law firms. The building has 13,000 square feet of ground-floor retail, with tenants including Belmont Bank &amp; Trust, Goddess and the Baker restaurant and Duru\u2019s Custom Shirts &amp; Suits.<\/p>\n\n\n\n<p>Situated at the intersection of Wacker Drive and LaSalle Street, the property has views of the Chicago River and skyline along with immediate access to the Chicago Riverwalk and public transportation options. It is located one block from Google\u2019s planned new headquarters in the Loop.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 41-story building sold at a 75 percent discount.<\/p>\n","protected":false},"author":1068,"featured_media":1004818399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21783,13,21742,21747],"tags":[32799],"class_list":["post-1004818463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-investment","category-midwest","category-latest","category-office","tag-cushman-wakefield"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Chicago Office Tower Changes Hands - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Local investors Ken Buckman and Robert Castillo have acquired 121 W. 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