Glenstar is investing $25 million in a major renovation of 200 S. Wacker Drive, a Harry Weese-designed office tower in Chicago's financial district. The modernization effort aims to attract new tenants and make the building feel like a "hospitality-driven" space.
The renovated three-story atrium lobby will feature warm wood tones, plenty of natural light from along the river, and welcome visitors to the building. Existing ground-floor tenant Mojo Coffee will remain in the renovations. The entire third floor will become a fitness club with spa-inspired locker rooms, cold plunges, and infrared saunas.
Five floors of high-end amenities are expected to unfold vertically across the building. These include a golf practice facility with two simulators, a full-service bar, a parlor gaming area, an enclosed library, and a listening lounge. The goal is to create a "club-like" atmosphere, according to Michael Klein, co-founder and managing principal of Glenstar.
The renovation follows a growing trend among building owners in Chicago's office market, which has seen rising vacancy rates and downward absorption figures since 2020. However, leasing momentum has picked up in the final quarter of 2025, especially for "trophy" properties with high-end amenities.
Klein identified two trends in downtown Chicago leasing: a flight to quality and location. Glenstar's building is located on the river, which Klein believes gives it an edge over other locations. The firm has already seen interest from companies after announcing its renovation effort.
According to research by commercial real estate firm Cushman & Wakefield, Chicago's office vacancy rate rose steadily in 2025, ending the year at 26.9%. However, leasing gained momentum in the final quarter of 2025, especially for high-end properties with amenities. The West Loop continues to be a bright spot, accounting for 52.8% of new leasing in 2025.
The renovated three-story atrium lobby will feature warm wood tones, plenty of natural light from along the river, and welcome visitors to the building. Existing ground-floor tenant Mojo Coffee will remain in the renovations. The entire third floor will become a fitness club with spa-inspired locker rooms, cold plunges, and infrared saunas.
Five floors of high-end amenities are expected to unfold vertically across the building. These include a golf practice facility with two simulators, a full-service bar, a parlor gaming area, an enclosed library, and a listening lounge. The goal is to create a "club-like" atmosphere, according to Michael Klein, co-founder and managing principal of Glenstar.
The renovation follows a growing trend among building owners in Chicago's office market, which has seen rising vacancy rates and downward absorption figures since 2020. However, leasing momentum has picked up in the final quarter of 2025, especially for "trophy" properties with high-end amenities.
Klein identified two trends in downtown Chicago leasing: a flight to quality and location. Glenstar's building is located on the river, which Klein believes gives it an edge over other locations. The firm has already seen interest from companies after announcing its renovation effort.
According to research by commercial real estate firm Cushman & Wakefield, Chicago's office vacancy rate rose steadily in 2025, ending the year at 26.9%. However, leasing gained momentum in the final quarter of 2025, especially for high-end properties with amenities. The West Loop continues to be a bright spot, accounting for 52.8% of new leasing in 2025.
. I mean Glenstar's getting $25 million into it, thats some serious cash 
. But you know what, its not just about the money, its about the location, right? 
This building is on the river, thats like gold in Chicago real estate. The vacancy rate is at 26.9% but leasing has picked up, especially for top-tier properties. Its all about creating that "flight to quality" vibe, you feel me? 
And I gotta say, a fitness club and spa-inspired locker rooms on the third floor is straight fire 
. But its also a sign of what's going on in our economy, people are looking for work-life balance and amenities. Its not just about the office space anymore, its an experience 
. I mean, what's wrong with good old-fashioned functionality? But hey, if people want to pay $25 million for some fancy atrium lobby and a golf simulator 
, that's their prerogative.
.
, but I'm not sure that's what people are really looking for in an office space. Maybe I'm just old-school, though 
. Anyway, if Glenstar's renovation effort pays off, it'll be interesting to see how the Chicago office market changes...
This significant investment in $25 million suggests they're not just revamping the building, but repositioning it as a premium hub for businesses and talent. The addition of amenities like high-end fitness facilities, golf simulators, and exclusive lounges will undoubtedly attract top companies looking to establish themselves in Chicago's competitive office market.
. And can you imagine having a golf simulator on site? That's gonna attract some big-name companies, no doubt about it. The whole idea of creating a "club-like" atmosphere is genius - people want to be able to work in a space that feels like a luxury resort. 
I'm also loving the fact that Mojo Coffee gets to stay and become an even bigger part of the building's vibe 
.
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and now they're trying to create a "club-like" atmosphere with a golf practice facility and infrared saunas 
isn't that just gonna be a luxury for the few rich companies that can afford it? 
️ guess we'll have to wait and see if this renovation is more of a game-changer or just another fancy facade 
. and what's with the golf simulators? who needs that? 
they should focus on creating real jobs for people instead of just catering to corporate types 
.
.
And you know what? I think we can learn from this. In our own lives, we often forget to create space for ourselves and others to relax and recharge. We get so caught up in work and responsibilities that we neglect our own well-being. But what if we prioritized creating a sense of community and connection in our daily lives? 
What would that look like for us?
. still think tho that 200 S Wacker Drive is one of those iconic buildings in chicago... don't need all these extra bells & whistles 
is like, totally gonna attract some serious high-end tenants to that building. And I mean, who wouldn't want to work out and feel relaxed in a beautiful atrium lobby with plenty of natural light? 
It's all about creating a "club-like" atmosphere, right? 
. 52.8% of new leasing is huge! And it just goes to show that there's still demand for high-end office space with awesome amenities 
.
it's like they're sayin', "Hey, we care about you, come hang out" 
i'm curious to see how this affects the office market though... do they think all this fancy stuff will attract top talent? 
Yes, please! It's about time we had some serious amenities in our offices to match the fancy new startups that are popping up everywhere 
. The location is key, of course - being right on the river gives the building some serious bragging rights 
. Can't wait to see what other goodies come out of this renovation! 
. And can you imagine working out in a spa-inspired locker room or unwinding in a listening lounge 
? It's no wonder companies are lining up to lease space there - location, location, location