Cushman & Wakefield 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 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, Ameritus, in the transaction. Cushman & Wakefield has been retained as the exclusive leasing agent for the property, with Mason Taylor and Paige Krueger leading leasing efforts.

The ownership group is planning a series of capital improvements that include a significant upgrade to the outdoor amenity terrace and 24th-floor conference center, a remodeled restaurant and bar 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 architects Holabird & Root, 121 W. Wacker was originally known as the LaSalle-Wacker Building.

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