A joint venture of Peerless Development and Honore Properties bought the 135-year-old Jewelers Building with plans to rehab it and turn the upper floors into a hotel.
The acquisition price on the 40,000-square-foot building was $7.2 million, records show.
KM Real Estate’s Daniel Knorps, the broker on the deal, told Bisnow the owners plan $15 million in improvements to the five-story building at 15 South Wabash Avenue and have a 24,000-square-foot lease with a San Francisco-based hotel group.
Former owner Rany Management bought the building for $4.5 million in 2016 and landed a $3.5 million refinance in February 2017 from Hinsdale Bank & Trust, according to data from Real Capital Analytics.
The building was constructed by Adler and Sullivan in 1882 and placed on the National Register of Historic Places in 1974. It was designated a Chicago landmark in 1981. [Bisnow]— John O’Brien