“Leasing is underway for The Bellwether, an office-to-residential conversion of the former office building at 79 W. Monroe. Planned by R2 Companies, the landmark building stands at the corner of W. Monroe St and S. Clark St. Originally built in 1905, the property went through a major expansion in 1924, and over the years has served as office space and a major bank headquarters. RMK Management Corp. has been enlisted to oversee leasing and property management for the project.

”’This truly is a landmark building that offers elevated urban living steps from some of Chicago’s most iconic attractions and is convenient to so many employers in the central business district,’ said Anthony Rossi Jr., president of RMK Management Corp. ‘The redevelopment of The Bellwether demonstrates how historic architecture can be preserved while also adapting to the needs of a modern downtown by transforming underutilized office space into vibrant housing that supports a more active, mixed-use neighborhood.’

”Designed by Ware Malcomb, the adaptive reuse and conversion will measure approximately 100,000 square feet within the building, including the basement and floors 7 through 14. The Bellwether features studio, one- and two-bedroom apartments with one to two baths. Residences measure 425 to 1,178 square feet, with rents ranging from $1,996 to $4,887 per month. The property includes 41 Affordable Requirements Ordinance (ARO) units.

”In 2025, joint venture contractors Leopardo Companies and GMA Construction Group began construction on the redevelopment. It is the first office-to-residential conversion to be completed as part of the city of Chicago’s LaSalle Street revitalization initiative, which invests in the Loop’s LaSalle Street corridor with private funding and Tax Increment Financing (TIF) assistance for mixed-income residential projects and other neighborhood-oriented amenities.

”The community is already 57% leased and first move-ins are expected to begin in late August/early September.” (Kugler, Urbanize Chicago, 8/20/26)

”There’s a warm nostalgic spot in Chicago’s brick, concrete and glass heart for those big vintage outdoor signs that were once plentiful in this town, especially the signage that told us the time and temperature. It’s a shame that signs like these have been vanishing from the city’s urban landscape since the 1990s.

”But we still have the old Bell Federal Savings weather sign that’s stood sentinel at the northwest corner of the Rector Building, 79 W. Monroe St., since the 1950s. The sign also has a lighted, acrylic bell that changes color to alert passersby of coming weather conditions — invaluable back in the days before cellphones and smartwatches gave us this information at a glance.

”The Bell Federal sign hasn’t worked for years. But that’s now changing as the device undergoes a renovation aimed at making it look and function as it did when it was new.

”’It’s an icon for the city,’ said Gary Stoltz, principal and chief design and development officer for R2 Companies, which is redeveloping the Rector Building. ‘Everybody who’s spent time in the Loop, walking through the Loop, recognizes the building by the bell.’

”Built in 1905 for businessman and restaurateur Charles Rector and designed by architect Jarvis Hunt, the 14-story brick skyscraper blends into the background, thanks to tacked-on midcentury modernizations on the first and second floor exterior and the loss of an ornate cornice.

”The Rector was a better-looking building in its early years. And its nice details still exist — if you’re patient enough to look — such as the terra cotta ornament near the building’s top, and the way the structure’s window bays all arch at the 10th floor. By the 1920s, the Rector was home to the Chicago Trust Co., which added a Holabird & Roche-designed south addition to the building in 1923.

”Then in 1951, Bell Savings & Loan took over the building. The company, founded in 1925 by Illinois Bell Telephone Co. employees, put the lighted weather bell on the building and even came up with a jingle for it.

”R2 and Luxembourg’s Lagfin S.C.A. are handling the $64 million residential conversion of the Rector building. The project, which is part of City Hall’s LaSalle Corridor Revitalization plan, is being helped along by $28 million in tax increment financing funds from the city.

”Stoltz said the project includes upgrading the bell’s lighting, installing controls that can better anticipate the weather, then recladding the whole thing over the next few weeks. The sign’s digital clock will be rehabbed as well. And the bell’s name will change to reflect the building’s new moniker: The Bellwether Residences.

”Preservation Chicago Executive Director Ward Miller said he is pleased to see the weather bell being put back into action. ‘We are excited to see it relit and coming back,’ Miller said. ‘It was a unique feature, and people really depended on it.’” (Bey, Chicago Sun-Times, 7/14/26)

Ward Miller and Preservation Chicago were very involved in the Chicago Landmark Designation process for the Rector Building, and we are delighted to see the building open and leasing as The Bellwether. Landmark designation was the essential step. The restoration of the Bell Federal Savings weather bell is the icing on the cake.

Jarvis Hunt designed the original 14-story building for Charles Rector in 1905, and Holabird & Roche designed the south addition, begun in 1923 and completed in 1924, for the Chicago Trust Company.

That The Bellwether is the first LaSalle Street revitalization conversion to reach completion matters well beyond this one building. The program’s premise — that obsolete Loop office buildings can become housing with the right combination of landmark protection, tax increment financing, and historic tax credits — has now been demonstrated rather than argued. At 57% leased before the first residents have moved in, the market has answered the question of whether people want to live in a 1905 skyscraper.

Chicago has lost most of its great vintage signage, and each surviving example becomes more valuable as the others disappear. Preservation Chicago named the city’s historic neon and vintage signs to our 2015 Chicago 7 Most Endangered list, calling attention to the rapid loss of hand-crafted signage from commercial corridors across the city, and we supported the 2023 City Council ordinance protecting historic signs. The weather bell is a genuine piece of Loop folk memory — a building that generations of Chicagoans identified not by its address or its architect but by the glowing bell on its corner.

Credit is due to the Illinois State Historic Preservation Office, which required the weather bell’s restoration as part of its review. When SHPO helps make a project better, that deserves recognition. We encourage developers to pursue historic designation and to use the state and federal resources available to offset development costs. Historic projects tend to have more character and authenticity, and that character makes them more valuable and more profitable over the long run.

Preservation Chicago congratulates R2 Companies, Lagfin S.C.A., Ware Malcomb, Leopardo Companies, GMA Construction Group, and RMK Management. We encourage the development team to restore the Rector Building’s lost cornice when a future phase of work allows. Jarvis Hunt’s 1905 building deserves to be seen.

Read the full story at Urbanize Chicago and the Chicago Sun-Times

• Leasing underway for The Bellwether at 79 W. Monroe; RMK Management Corp will be the leasing and property manager, Lukas Kugler, Urbanize Chicago, 8/20/26
• Iconic Loop weather bell to shine again after years in the dark; “It’s an icon for the city,” said Gary Stoltz of R2 Companies, which is redeveloping the Rector Building where the sign is located, Lee Bey, Chicago Sun-Times, 7/14/26
• Transformation of historic Loop office building into housing begins; Chicago Sun-Times, 3/27/25
• City Council sees the writing on the wall — and takes the right step to protect historic signs; Lee Bey, Chicago Sun-Times, 8/4/23