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Sterling Bay to serve as leasing, management partner at Chicago’s 123 N. Wacker

Sterling Bay has been brought on as a leasing and management partner to operate 123 N. Wacker, a Class-A office and retail building at the epicenter of the West Loop in Chicago.

Effective Nov. 19, 2024, Sterling Bay assumed leasing, asset management and property management responsibilities for the home of top-tier companies such as Cozen O’Connor, Gilbane and Okta, bringing a fresh perspective to the 30-story, 540,000 rentable square-foot building.

Ownership recently invested $25 million into renovating 123 N. Wacker, making it one of the most desirable properties in the West Loop. Located at the corner of Wacker Drive and Randolph Street along the Chicago River, it is currently 58 percent leased and includes a multi-floor, interconnected penthouse office opportunity with private outdoor space, plus other reimagined spec suites and retail opportunities. Additional amenities include a tenant lounge, grab-and-go offerings, technology-supported conference spaces, a fitness center and bike room.

Throughout the partnership, Sterling Bay’s expert leasing team will focus on bringing in new credit tenants, reactivating the retail space and maintaining existing tenancy, while the property management team will employ Sterling Bay’s high touch and quality service management style appropriate for the Class A nature of the asset. Sterling Bay will also provide asset management services focused on supporting financial reporting and analysis, guiding the leasing strategy and overseeing operations.

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