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Prime Group Acquires Block of Offices on LaSalle Street

A venture led by developer Mike Reschke’s Prime Group real estate firm has purchased a five-story block of offices above the JW Marriott Chicago hotel at 208 S. LaSalle St. out of receivership, Crain’s Chicago Business reported. The deal reportedly resolves a $50-million foreclosure lawsuit filed in 2021 by lender Midland National Life Insurance against a separate Reschke-led venture that previously owned the office condo on floors 13-17 in the landmark building. 

Although the purchase price was not immediately available, a source told Crain’s the Reschke venture that acquired the property paid less than the balance of the $47.5 million mortgage at issue in the foreclosure complaint.  

The deal clears the way for Reschke to pursue a $130-million plan to turn the nearly 222,000-square-foot block of space into 280 apartments, including 84 affordable units. Reschke is vying for $33 million in tax-increment financing money to help with the project. 


Inside The Story

The Prime Group

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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