Like markets, the Weather is a complex system, but patterns create more predictable outcomes. A pressure gradient generates winds that produce waves, just like we identify market dislocations that create opportunities to maximize returns for our partners, occupants and the planet.

What we do.

We invest, develop and provide advice for multifamily, office, and targeted sector projects to create outsized returns for our partners, our occupants and the planet. With a track record of delivering over $1.2B of investment profit in high-return, sustainable, community-impacting projects, we have deep experience - both the success and overcoming challenges - enabling us to create a custom Business Plan with a tailored team for each WindWave Project to excel in any market condition. We are stewards of Real Property serving institutional investors, accredited investors and lenders.

Active Projects

111 W Illinois St - Office to Multifamily Conversion:

  • 153 Units in A+ residential River North
  • Modern 2008 building, formerly Salesforce's Midwest HQ
  • Fully entitled (no affordable)
  • Closed June 2, 2025
  • Delivered May 2026

205 W Wacker Drive:

  • First class office building along the Chicago River.
  • Exploring redevelopment including residential conversion of upper floors and upgraded amenities
  • Closed May 22, 2026

Experience: $1.2B of Realized Profit.

Selection of Projects that WindWave partners have led, advised and/or invested in: 

151 N. Franklin St.

(CNA Center)


Developed by The John Buck Company with Morgan Stanley, worked with John Ronan Architects, Adamson Associates and Lendlease to deliver an 810k SF trophy office building. Prior to launch, executed anchor leases with CNA and Hinshaw Culbertson, and after delivery, finalized leases with Facebook and 20 smaller tenants. Exited at 100% occupancy with $220MM investment profit.

333 South Wabash (Big Red)


The John Buck Company and Morgan Stanley acquired the 1.2 MSF iconic tower built in 1970 with 770k SF vacancy. Concepted redevelopment with HOK Architects including a new lobby, updated amenities, and adding a food hall, and executed 556k SF anchor lease with Northern Trust. Completed redevelopment, expanded CHA, Milhouse and other tenants to exit with $155MM investment profit.

Cirrus and Cascade

Lendlease, with partners Magellan and Aware Super, developed a 350-unit condo tower, 503-unit multifamily tower, and Cascade Park connecting the Lakeshore East community to Lake Michigan for total project cost of $607MM. Designed LEED Gold by bKL Architects, the complex has over 44k SF of amenities, floor-to-ceiling glass showcasing Lake and City views. Cascade routinely sets record Chicago apartment rents per SF.

Triangle Plaza


The John Buck Company exercised a ROFO to acquire the two tower 613k SF office complex near O'Hare Airport with partner Michigan SERS for $91M that was 25% vacant. During the due diligence period, the team concepted a redevelopment plan that resulted in an anchor lease with Wilson Sporting Goods that was signed within days of closing the acquisition.

625 W Adams


Vanderbilt Partners and White Oak along with partner USAA were under construction with a 440k SF spec office building and engaged Newmark to secure tenants. The team quickly generated anchor tenant interest resulting in a 250k SF lease with CDW, along with large leases with WeWork, ICF Next and others to bring the building to 95% leased.

The Reed and The Cooper


Lendlease with partner Aware Super developed the first 2 of 5 phases of Southbank called The Cooper, a $180MM 452-unit multifamily tower and The Reed, a $269M hybrid residential tower with 216 condos and 224 multifamily units that achieved stabilization in 11 months achieving a 25.1% project IRR.

353 N. Clark St.


Tishman Speyer acquired the 1.2MSF trophy tower through the Mezz Lender for $385MM at 78% leased just 2 years after completion. The anchor leases were restructured to reduce encumbered space and EMC and DOW among other tenants increased occupancy to 92%. The building was sold for $715MM in 3 years resulting $380M in investment profit.

Porte


Site optioned by The John Buck Company from H2O+ and pursued office and multifamily before partnering with Lendlease and Intercontinental to develop a $250MM 586-unit midrise multifamily 2-tower complex in Chicago’s West Loop. Averages $4.25 per SF in rents and 96%+ occupancy since stabilization.

161 N. Clark St.


Acquired by Tishman Speyer in the $1.7B portfolio acquisition of the downtown Chicago former EOP right before the GFC. Concepted a renovation plan and restructured the loan. Maintained ~95% occupancy, while backfilling CT&T with Grant Thornton and incorporating model "spec suites" to stimulate smaller leases before profitably exiting to Korea Post.

Who we are.

Our team is comprised of experts in investment, development, asset management, leasing & marketing, operations, and finance, drawn from the world's leading real estate development, investment and advisory firms, including CBRE, Tishman Speyer, Lendlease, Trizec Properties, and Newmark.

Meet Jon.

Jonathon W. Cordell - Managing Partner

Jon@WindWaveRE.com

Jon is a customer-centric commercial real estate veteran with 21 years of experience in multifamily, office and retail, along with Lab, Data Center and Senior Housing. He has developed, leased, acquired, structured, operated, and sold assets as both Broker and/or Principal in Chicagoland, as well as in Los Angeles, San Francisco, Houston, Milwaukee, and Dallas, completing 400+ transactions valued at $5.5+ billion, encompassing 15 million square feet, generating $1.2 billion of investment profit. Prior to founding WindWave, Jon was the Director of Development at Lendlease, leading the Central region’s investment, development and operating teams, resulting in the delivery of over 2,300 residential units. Prior to Lendlease, Jon has held leadership positions at CBRE, Newmark, The John Buck Company, Tishman Speyer and Trizec Properties. He holds a MBA from Kellogg School of Management at Northwestern University and a BS in Mechanical Engineering from University of Illinois. Jon is a Licensed Broker in the State of Illinois. He is an avid kiteboarder and lives in the Lakeview neighborhood of Chicago with his wife and 3 children.

Mission

Invest, operate, and develop residential, office, and mixed-use projects to generate outsized returns for our partners, our occupants, neighbors and the planet.

Vision

To be the premier investor, developer and advisor in the cities we practice in, while being the first choice for residents, tenants, owners, community stakeholders, investors, and service providers seeking a partner for growth.

Partner. Invest. Learn More.

Inquire about becoming a partner, investor, team member, or if you have an idea for your property.