Brokerage Relocates Chicago HQ From Nearly 20-Year Home
Transwestern Real Estate Services is set to move its Chicago headquarters to 123 N. Wacker Drive, signing a 35K SF lease for the tower's penthouse suite.
The real estate services firm will occupy the top three floors of the building and has a private outdoor space, with a move-in set for fall 2026. Transwestern will be leaving its 200 W. Madison St. location after almost two decades.
“Our new office signals the next phase of our successful growth in Chicago,” Blake Johnson, Transwestern's executive managing director and greater Chicago market leader, said in a news release. “Our investment in this new workplace will benefit our current and future team members.”
Transwestern has two offices in the Chicago metro area, one downtown and one in Rosemont, serving the suburban office and industrial markets.
The downtown relocation follows similar upgrades from Transwestern's competitors. Newmark finalized a deal last August to relocate its office to Salesforce Tower Chicago in early 2026, and CBRE completed its move to 300 N. Lasalle St. in April.
A venture of Mesa West Capital took control of 123 N. Wacker at the end of 2024 from LaSalle Investment Management, which was struggling with a $153M debt package it took out on the building in 2021, Crain's Chicago Business reported. Mesa West provided a $37M mezzanine loan in that debt package and took over the building with a strategy to get it leased.
A Mesa West venture was listed as the new borrower of a $115M senior note on the building from Wells Fargo last year, the outlet reported. The company tapped Sterling Bay brokers to lease the tower, which was roughly 65% occupied before Transwestern signed its deal.
“The leasing velocity and daily occupancy numbers at 123 N. Wacker and other high-end office spaces show that downtown is back, and we’re excited to welcome Transwestern to this highly unique penthouse space,” Sterling Bay Director of Leasing Austin Lusson said in a statement.
