Prime Group, CRG JV Acquires Distressed Jewelers Building

A joint venture of The Prime Group, Inc. and CRG, the real estate development and investment management arm of Clayco, has acquired the 40-story landmark Jewelers Building located 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 has a 70% occupancy rate. “We view the Jewelers Building as one of Chicago’s most important historic buildings, and probably in the United States,” said Michael W. Reschke, chairman and chief executive officer of The Prime Group, Inc.

Clayco and its affiliates had leased offices at 35 E. Wacker since 2010, when Clayco moved its headquarters from St. Louis to downtown Chicago. “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. “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.”