Sheridan Capital Partners relocates headquarters to 35 E. Wacker; Clayco and CRG expand presence; SmithGroup extends long-term tenancy.

Clayco, the Chicago-headquartered full-service, turnkey real estate development, master planning, architecture, engineering and construction firm, together with its real estate development subsidiary, CRG, and The Prime Group, Inc., a preeminent real estate development and investment firm based in Chicago, today announced 75,633 square feet of new leasing activity at the historic 35 E. Wacker Drive, known as The Jewelers Building. Leasing efforts have been led by Madison Rose, the specialized commercial real estate brokerage firm focused on office and mixed-use leasing in Chicago.

The latest leasing activity includes a 25,445-square-foot headquarters relocation by Sheridan Capital Partners, a 21,664-square-foot expansion by Clayco/CRG, and a 21,666-square-foot renewal by architecture firm SmithGroup. These deals, along with several other renewals, represent a strong vote of confidence in the riverfront building’s modernization and long-term potential. The 75,633 square feet of recent leasing is a direct result of Madison Rose’s targeted efforts to position the Jewelers Building as a compelling option for today’s discerning office users.

“We are honored to welcome Sheridan Capital Partners and to continue growing with our existing tenants at 35 E. Wacker,” said Michael Reschke Jr., executive vice president of The Prime Group, Inc. “Our investment in modernizing this nearly 100-year-old architectural gem is yielding great results. Achieving over 75,000 square feet of leasing so far this year validates our vision to revitalize the Jewelers Building as a vibrant hub for Chicago business while honoring its storied legacy.”

Sheridan Capital Partners, a Chicago-based private equity firm focused on healthcare investments, has signed a long-term lease for 25,445 square feet and will relocate its headquarters from the Wrigley Building. JLL’s Pat Schenk and Bill Rogers represented Sheridan Capital Partners.

The owners’ confidence in the property is further demonstrated by CRG, Clayco and other Clayco affiliates’ expansion within the building. As part of the joint venture ownership, Clayco has expanded its footprint by 21,664 square feet, from 70,121 square feet to 91,785 square feet, and extended its lease term to 2035, reinforcing its role as the anchor tenant. Shawn Clark, CEO of CRG and chief strategy officer at Clayco, noted this growth reflects a deep commitment to both the building and the city.

“The Jewelers Building has been Clayco’s Chicago headquarters for over 15 years, and it’s been the perfect location for our growth,” said Clark. “We’ve expanded from an initial 5,000 square feet to now nearly 20% of the building’s space. The location at the intersection of Michigan Avenue and the Chicago River — with the Riverwalk and world-class amenities just steps away — is truly unbeatable. We consider this iconic building the heart of Chicago, and we’re proud to deepen our roots here as we continue to grow.”

In addition to new tenants and expansions, the landmark tower is retaining key longtime tenants. SmithGroup, a global architecture and engineering firm, has renewed its 21,666-square-foot lease in a multiyear deal. Several other firms have recommitted to the building as well — including Aprio and Selective Search through recent renewals — bringing the leasing total to 75,633 square feet. This surge in activity has pushed building occupancy to its highest level in years and signals renewed confidence in downtown Chicago office space.

Built in 1926, The Jewelers Building is renowned as one of Chicago’s architectural treasures. Its distinctive terra-cotta-clad dome and vintage detailing have graced the skyline for nearly a century. Recent renovations to the building include new high-efficiency building systems and sustainability features. Tenants benefit from an array of on-site amenities, such as a professional conference center, fully equipped fitness facility, private parking garage, enhanced security systems and modernized elevators. This approach blends historic preservation with modern amenities, creating a dynamic mixed-use destination.

“What sets the building apart is that its ownership team includes design-build firm Clayco and its architectural affiliate, Lamar Johnson Collaborative, both with offices on the premises, allowing new tenants to work directly with in-house experts to tailor their spaces,” noted Adam Pines, senior vice president at Madison Rose. “The ability to blend modern workspace design with the historic ambiance of the Jewelers Building is drawing interest from forward-thinking companies. The strong leasing momentum we’re seeing is proof that this iconic property, with its new amenities, riverfront views and prime location, can meet the needs of today’s tenants.”

About CRG:
CRG is a privately held real estate development and investment firm with deep expertise in industrial, office, student housing, and data center assets. The firm serves clients and investors from seven regional offices, benefiting from local expertise in Chicago, St. Louis, Seattle, Southern California, Phoenix, Philadelphia and Atlanta. CRG has developed more than 12,500 acres of land and delivered over 220 million square feet of assets exceeding $14 billion in value. For more information, visit CRG’s website at www.realcrg.com.

About Clayco:
Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering, and construction firm that safely and sustainably delivers the highest quality solutions to clients across North America on time, on budget, and above and beyond expectations. With $7.6 billion in revenue for 2024, Clayco specializes in the “art and science of building,” providing fast track, efficient solutions for industrial, commercial, institutional and residential-related building projects. For more information, visit www.claycorp.com.

About The Prime Group, Inc:
The Prime Group, Inc. and its affiliates are one of the preeminent real estate development and investment companies in the country. Prime’s real estate development and investment experience includes all types of institutional-quality real estate, ranging from award-winning office towers to luxury hotels and multifamily properties. Since its inception in 1982, Prime and its affiliates have developed, redeveloped and acquired more than $15.0 billion of institutional-quality commercial and residential real estate. For more information, visit Prime’s website at www.primegroupinc.com.

About Madison Rose:
Madison Rose is a specialized real estate firm bringing innovation to a commoditized and archaic industry.  Focused entirely within downtown Chicago’s commercial office leasing environment, Madison Rose is the Midwest’s fastest growing Landlord representation team.  With its boutique organization structure, Madison Rose’s hyper-local marketing approach and data-oriented strategy are the cornerstones of its operation.  Since inception in 2020, Madison Rose has completed over 3 million square feet of leasing within a variety of asset classes.  More information is available at mad-rose.com.