The iconic Jewelers Building, located at 35 E. Wacker Drive in Chicago, has been acquired by a joint venture between The Prime Group and CRG. This strategic partnership combines the real estate development expertise of The Prime Group with the investment management prowess of Clayco, headquartered in Chicago.
With its 40 stories and prime location, the Jewelers Building offers 556,200 rentable square feet to tenants. Currently at a 70% occupancy rate, this landmark building is set to be managed by the joint venture team.
According to Michael W. Reschke, chairman and CEO of The Prime Group: “We view this acquisition as an opportunity to add value not only for our investors but also for the city of Chicago.” He further adds that “the Jewelers Building holds significant historical importance both locally and nationally.”
As part of their expansion plans within downtown Chicago since moving their headquarters from St.Louis in 2010,Clayco has leased offices at this prestigious address through its affiliates.“This move reflects our confidence in both Clayco’s growth potential as well as that of downtown Chicago,” says Bob Clark , executive chairman & founder .He goes on to say “Our goal is not just adding value but also creating job opportunities while preserving oneofChicago’s architectural gems.”
This news was originally published on Connect CRE website.
