Venture plans to add value to one of Chicago’s architectural jewels

The Prime Group, Inc., a preeminent real estate development and investment firm based in Chicago, has announced a joint venture with CRG, the real estate development and investment management arm of Clayco, to acquire 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 venture is backed by the combined expertise and resources of the two enterprises and signals a significant commitment to the enhancement and stewardship of one of Chicago’s most treasured architectural assets.

With a focus on heritage and value enhancement, this 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 W. Reschke, chairman and chief executive officer of The Prime Group, Inc. “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.”

The Prime Group, CRG and Clayco’s collaboration signifies a shared vision for the future of Chicago’s real estate landscape. 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. “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. In addition to its Chicago headquarters and notable St. Louis-area footprint, the company maintains offices in Phoenix: Greenville, S.C.; and Culver City, Calif., as well as a recently announced office in Birmingham, Ala. The company also currently has projects in more than 45 communities and cities across North America.

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 approximately $15.0 billion of institutional-quality commercial and residential real estate. For more information, visit Prime’s website at www.primegroupinc.com.

About CRG:
CRG is a privately owned North American real estate development and investment firm founded in 1993 with deep expertise in delivering and owning industrial, office, multifamily, student housing and mixed-use assets. The firm serves clients and investors from seven regional offices benefiting from local expertise in Chicago, St. Louis, Seattle, SoCal, 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 $5.8 billion in revenue for 2023, 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.

The Prime Group and CRG/Clayco have formed a joint venture to acquire the landmark Jewelers Building at 35 E. Wacker Drive in Chicago.