“Two Chicago-based companies are teaming up to purchase the landmark Jewelers Building, with the door open for a conversion to residential use.

“The Prime Group and CRG — the real estate development arm of Clayco — are behind the joint venture. The companies are under contract to purchase the building from Canada-based real estate firm Dorchester, the longtime owner, but there’s no closing date yet, according to CRG.

“The firms feel ‘very certain’ they’ll close and acquire the building, Bob Clark, executive chairman and founder of Clayco, told the Sun-Times. He declined to disclose an estimated purchase price. The companies are already investing heavily in the Jewelers Building, according to Clark — including design, engineering and exploration of future uses.

“The 40-story Jewelers Building, at 35 E. Wacker Drive just south of the Chicago River, was built in the 1920s by Frederick P. Dinkelberg and Joachim Giaver. The classical revival-style building was, at the time of its opening, the tallest building west of New York City.

“‘We view the Jewelers Building as one of Chicago’s most important historic buildings, and probably in the United States,’ Michael Reschke, chairman and chief executive officer of The Prime Group, said in a news release. ‘We welcome the opportunity to continue to be a good steward of this historic asset and to preserve and maintain the building for decades to come.’

“The Jewelers Building has 556,200 rentable square feet and is 70% leased. The joint venture would manage the property.

“‘As soon as I got off the elevator, I was like gaga about the building,’ Clark said. ‘I just fell in love with it.”

“The firms are looking ‘at every option right now’ for the Jewelers Building. Clark said they know it works as an office building, but they’d need to secure additional leases for it to stay that way. Building amenities include conference and fitness centers, plus a private parking garage.

“‘If we decide that it’s going to be an office building, we’re not going to have any trouble leasing it all the way up,’ Clark said. ‘It doesn’t have some of the challenges that a lot of the other buildings have. … It’s on the river, it’s just got great transportation, it’s got parking — it’s got everything.’

“There’s a path for residential or hotel conversion, Clark said, “but it’s also an outstanding office building.'” (Miller, Chicago Sun-Times, 7/7/24)

Read the full story at the Chicago Sun-Times

• “We’re looking at every option right now,” Bob Clark, executive chairman and founder of Clayco, said of the building’s future. Clayco is joining forces with development firm The Prime Group to acquire the building by the year’s end., Abby Miller, Chicago Sun-Times, 7/7/24
• The Prime Group and CRG acquire the Jewelers Building, The historic office building at 35 E. Wacker is 70% occupied, Urbanize Chicago, 6/22/24
• Clayco teams up with Reschke to buy distressed Jewelers Building; Construction giant to remain anchor tenant in historic Wacker Drive tower and expand its office footprint by up to 30K sf, Sam Lounsberry, The Real Deal, 6/5/24
• 35 East Wacker has been sold, ending foreclosure proceedings against its previous owner, Steven Dahlman, Loop North News, 6/7/24
• The Jewelers Building Chicago Landmark Designation Report December 1992