Jewelers Building Bets on Luxury Amenities for Tenants

One of Downtown Chicago’s storied buildings is getting a much needed polish.

Chicago-based firms CRG and Prime Group revealed plans to renovate the 556,200-square-foot Jewelers Building at 35 East Wacker Drive at a $25 million price tag.

The money will be put towards adding a fine dining restaurant, coworking space, lobby and rooftop bars, spearheaded by prominent Chicago downtown developer Mike Reschke of Prime Group and Shawn Clark of CRG, according to Crain’s. Construction is slated to begin in the fall, with the restaurant and bar portions to open in 2027.

Clayco, CRG’s parent company, and Prime Group bought the building in summer 2024, ending a yearlong foreclosure proceeding. Canadian Dorchester Corporation defaulted on $51 million in debt against the building in 2023.

New life has been breathed into the building in more ways than one. It’s currently undergoing a tenant surge, headlined by a 91,000-square-foot lease renewal and expansion by Clayco. Sheridan Capital moved their headquarters into the building, leasing 25,000 square feet in 2025. Architecture firm SmithGroup, Aprio and Selective Search have all renewed their leases, according to the publication.

Reschke has made waves in Downtown Chicago by converting office buildings with low tenant rates into mixed-use facilities with hotels and businesses. In previous comments, he and Clayco representatives have said that no similar redevelopment is in the near future, but wouldn’t completely take it out of consideration. With an influx of new tenants and $25 million in renovations, Jewelers Building appears to be holding strong against office space headwinds brought on by the pandemic.

The Jewelers Building was designated a Chicago landmark in 1994. The building is also a part of local legend: Infamous Prohibition-era gangster Al Capone was alleged to have operated a speakeasy on the roof of the tower. The legend persists through disagreements by historians and no documented evidence Capone operated there.

— Hunter Cooke