Cushman & Wakefield Announces Sale of Historic 121 W. Wacker Office Tower in Chicago to Local Investors

CHICAGO – Cushman & Wakefield (NYSE: CWK) announced Nov. 10 the sale of 121 W. Wacker, a 41-story, 441,030-square-foot office tower overlooking the Chicago River at the gateway to the city's LaSalle Street corridor. Two Chicago-based investors, Ken Buckman and Robert Castillo, acquired the building from Chicago-based real estate firm Ameritus. The purchase price was $30 million, or about $68 per square foot.

Cushman & Wakefield's Cody Hundertmark and Tom Sitz represented Ameritus in the transaction. Following the sale, Cushman & Wakefield was retained as the exclusive leasing agent for the property, with Mason Taylor and Paige Krueger leading leasing efforts.

Deal Details: 121 W. Wacker Sale Price and Property Profile

The $30 million price represents about a 75% decline from the $119 million Ameritus paid for the tower in 2019. The building was approximately 63% leased at the time of sale.

Completed in 1930 and designed by Chicago architects Holabird & Root, 121 W. Wacker is an Art Deco skyscraper originally known as the LaSalle-Wacker Building. It is included in the West Loop-LaSalle Street Historic District on the National Register of Historic Places. United Airlines and McDonald's both once maintained offices at the property.

The tower sits at the intersection of Wacker Drive and LaSalle Street, with views of the Chicago River and skyline, access to the Chicago Riverwalk and multiple public transportation options. It is one block from Google's new Chicago headquarters, which is scheduled to open next year.

New Ownership Plans Capital Improvements

Buckman and Castillo come from business entrepreneurship and private equity rather than institutional office investing. Their plan centers on long-term ownership, modernization and the building's standing as a downtown Chicago landmark.

"Owning 121 W. Wacker is about much more than acquiring a real estate asset," Buckman said. "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."

Planned improvements include:

• A significant upgrade to the outdoor amenity terrace and 24th-floor conference center
• A completely remodeled restaurant and bar managed by a Chicago hospitality firm
• A refreshed main lobby
• New exterior lighting and other building improvements

Ware Malcomb will oversee interior and exterior architecture. Ameritus will continue as the building's property manager.

Leasing Strategy Led by Cushman & Wakefield

Taylor, Executive Managing Director, Agency Leasing at Cushman & Wakefield, said the building offers distinctive qualities for prospective tenants.

"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," Taylor said. "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."

Chicago Office Market Context

The sale comes as Chicago's central business district continues to carry elevated vacancy. Cushman & Wakefield reported third-quarter 2026 vacancy of 27.2%, up 20 basis points from the prior quarter and 160 basis points from a year earlier. Average gross asking rents rose 5.1% quarter over quarter to $46.15 per square foot.

Other market data point to a similar split between stronger and weaker buildings. Colliers reported downtown Chicago vacancy of 24.5% in the third quarter, with Class A asking rents rising to $51.55 per square foot. JLL reported downtown vacancy of 25.6% and noted that gains in trophy and Class A buildings were offset by losses in Class B and C properties.

At 63% leased, 121 W. Wacker will require leasing activity as well as capital improvements, as roughly 37% of the building was vacant or uncommitted at closing. The building's 1930 construction and historic-district status are part of its identity and may bear on exterior changes and capital planning.

Sources

• Cushman & Wakefield: https://www.cushmanwakefield.com/en/united-states/news/2026/11/121-w-wacker-sale