(Above) 35 East Wacker Drive (left in photo), photographed next to the Unitrin Building (now the Kemper Building) in 2009.

By Steven Dahlman

7-Jun-24 – 35 East Wacker has been sold, ending foreclosure proceedings against its previous owner.

Dorchester Corporation, a real estate investment firm located in Toronto, had $51 million in debt secured by the building, also known as the Jewelers Building.

Two Chicago-based real estate development and investment firms have gone in on the deal together. The Prime Group and CRG, which is part of Clayco, say their joint venture, announced on June 6, “is uniquely positioned to rejuvenate and preserve the historical significance of the Jewelers Building.”

The price they paid for the building was not disclosed. (Left) Conference room on sixth floor of 35 East Wacker Drive. (Click on image to view larger version.)

“We view the Jewelers Building as one of Chicago’s most important historic buildings, and probably in the United States,” said Michael Reschke, Chairman and CEO 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.”

Clayco has been a tenant of the building since 2010 and says it will expand its space and become the building’s anchor tenant.

The 40-story, 523-foot-tall building has 556,200 square feet of rentable space and a 70 percent occupancy rate. It was completed in 1927 and designated an official Chicago landmark in 1994.