360 Chicago Announces New Venue at 875 N. Michigan Ave.

The observation deck operator will expand into the historic 95th and 96th floors of the iconic skyscraper.

Updated on Oct. 15, 2026 in Openings & Closings

Bold flat-color editorial illustration of the 875 N. Michigan Ave tower silhouette, set in a navy and cream palette. — 360 Chicago will transform the former Signature Room space at 875 N. Michigan Ave into Elevaire Chicago, a new event destination. AI Illustration. Upload story photo >

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360 Chicago has unveiled plans for a new private event venue named Elevaire Chicago on the 96th floor of 875 N. Michigan Ave. The project will expand the current observation deck into the 95th and 96th floors, creating a 50,000-square-foot destination.

Why it matters

The project marks the repurposing of high-profile space previously held by The Signature Room, which served the city for 30 years before closing in 2023. This renovation aims to revitalize the upper levels of one of the city's most recognizable towers.

The new Elevaire Chicago venue will span nearly 14,000 square feet on the 96th floor. Upon completion, the final expansion will create more than 50,000 square feet of total observation space.

The players

360 Chicago

This entity operates the observation deck located on the 94th floor of the skyscraper at 875 N. Michigan Ave.

Magnicity

This company is an international operator of tourist attractions and observation decks that acquired the 96th-floor space in 2024.

Skidmore, Owings & Merrill

This is a global architecture, urban planning, and engineering firm based in Chicago that is leading the renovation project.

The details

Architecture firm Skidmore, Owings & Merrill is leading the renovation, which includes installing a three-story staircase to connect the 94th, 95th, and 96th floors. Magnicity, which acquired the space in 2024, intends to transform the former restaurant floor into a premium event destination.

September 2023: The Signature Room restaurant and lounge closed.
2024: Magnicity acquired the 96th floor space.
October 15, 2026: 360 Chicago announced the new event venue.
early 2027: The venue will begin accepting bookings.
2028: The venue is scheduled to open.

Market Landscape

This transition signals a shift in skyscraper management from legacy long-term dining tenants to flexible, high-demand event venues. The move positions Magnicity to better compete for the city's premium tourism and corporate events market by maximizing vertical square footage.

Residents and event planners can expect a new premium venue option available for booking starting in 2027. The reconfiguration of the upper floors will ultimately change how visitors experience the skyline view at this iconic location.

The takeaway

The transformation of the 95th and 96th floors represents a strategic evolution for high-rise real estate in the city. Stakeholders should note that the venue will be available for event bookings beginning in early 2027.