Wacker Drive office tower sold at 75% discount
Ken Buckman and Robert Castillo acquired the 41-story office tower at 121 W. Wacker Drive from Ameritus for $30 million, representing a roughly 75% discount from its prior valuation. The sale closed as part of a broader reset in Chicago's downtown office market, where vacancy remains high and property values have plummeted. Buyers are betting on a turnaround driven by Google's planned expansion into the nearby Thompson Center, which could bring thousands of workers to the area. The building, once a trophy asset, had been burdened by debt and declining occupancy.
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- ✓ A 41-story office tower at 121 W. Wacker Drive sold for $30 million.
- ✓ The sale price represents a roughly 75% discount from the property's previous valuation.
- ✓ Buyers Ken Buckman and Robert Castillo acquired the building from seller Ameritus.
- ✓ Investors are betting on Google's planned arrival at the nearby Thompson Center to drive future demand.
What changed
Bisnow identified the buyers as Ken Buckman and Robert Castillo and the seller as Ameritus, confirming the $30 million price for 121 W. Wacker Drive.
Live updates
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Local investors buy 121 W. Wacker Drive for $30M, a 75% discount
Ken Buckman and Robert Castillo acquired the 41-story office tower at 121 W. Wacker Drive from Ameritus for $30 million, representing a roughly 75% discount from its prior valuation. The sale closed as part of a broader reset in Chicago's downtown office market, where vacancy remains high and property values have plummeted. Buyers are betting on a turnaround driven by Google's planned expansion into the nearby Thompson Center, which could bring thousands of workers to the area. The building, once a trophy asset, had been burdened by debt and declining occupancy.
Why it matters
The transaction underscores the severity of the correction in Chicago's central business district, where older towers trade at fractions of peak prices. Google's commitment to the Thompson Center redevelopment is the primary catalyst cited for investor optimism, though the timeline for that project remains uncertain. The deal also highlights a shift toward local, opportunistic capital stepping in where institutional owners have exited.
What is confirmed
- A 41-story office tower at 121 W. Wacker Drive sold for $30 million.
- The sale price represents a roughly 75% discount from the property's previous valuation.
- Buyers Ken Buckman and Robert Castillo acquired the building from seller Ameritus.
- Investors are betting on Google's planned arrival at the nearby Thompson Center to drive future demand.
Still unconfirmed
- The building's prior valuation was approximately $120 million, implying the 75% discount figure.
What to watch next
- Google's final lease execution and move-in timeline at the Thompson Center
- Occupancy trends and leasing velocity at 121 W. Wacker Drive under new ownership
- Potential refinancing or capital expenditure plans for the tower
confidence 90%Sources used for this update (6)
- Crain's Chicago Business — Wacker Drive office tower sold at 75% discount
- Bisnow — 41-Story Office Tower Sells At 75% Discount: The Chicago Deal Sheet
- The Real Deal — Local investors snap up Wacker Drive tower at 75% discount for $30M
- The Business Journals — Office tower sells at 75% discount; investors bet on Google's arrival
- CoStar — News | Historic Chicago office tower trades for fraction of former price
- www.bisnow.com — 41-Story Office Tower Sells At 75% Discount: The Chicago Deal Sheet
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