The Prime Group, Inc. in a joint venture with CRG, the real estate development and investment management arm of Clayco, acquired the 40-story Jewelers Building at 35 E. Wacker Drive in Chicago.
Clayco, headquartered in Chicago, will expand its current footprint in the building as the anchor tenant.
The joint venture is set to manage the Jewelers Building’s 556,200 rentable square feet, which currently boasts a 70% occupancy rate. The partnership aims to harness The Prime Group’s deep roots in the Chicago market and Clayco’s innovative construction and real estate solutions to foster a renaissance of the historic landmark.
“We view the Jewelers Building as one of Chicago’s most important historic buildings, and probably in the United States,” said Michael Reschke, chairman and chief executive officer of The Prime Group, Inc., in a statement. “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.”
By combining The Prime Group’s longstanding dedication to quality development with Clayco’s forward-thinking design, commitment to the community and construction approach, the venture is uniquely positioned to rejuvenate and preserve the historical significance of the Jewelers Building.
“Clayco’s expansion within the Jewelers Building is a testament to our belief in Chicago’s enduring appeal and economic vitality,” said Bob Clark, executive chairman and founder of Clayco, in a statement. “This venture is an opportunity to add value to one of the city’s architectural crown jewels and to foster economic growth and job creation in the heart of Chicago.”
Clayco and its affiliates have leased offices at 35 E. Wacker since 2010, when Clayco moved its headquarters from St. Louis to downtown Chicago.
