The owners of the Jewelers Building at 35 E. Wacker Drive are rolling out a roughly $25 million renovation plan aimed at putting fresh shine on the century-old Loop tower. The overhaul is designed to modernize the lobby, upgrade tenant amenities and deliver move-in-ready spec suites in a bid to lure new occupants, echoing a broader wave of downtown landlords refreshing older office buildings with hotel-style perks that current tenants increasingly expect.
Owners' $25 Million Pitch
The spending plan and its broad strokes were first detailed by Crain's Chicago Business, which described the owners' effort to keep the landmark competitive in a crowded office market. According to Crain's, the upgrades target exactly what corporate tenants and brokers have been asking for, from fully built-out floors to a stronger amenities package that lets companies plug in quickly.
New Owners And The Sale
The tower changed hands last year, when a joint venture led by Prime Group and CRG acquired the roughly 556,200-square-foot, 40-story property and began repositioning it, as reported by CoStar News. CoStar put the purchase price at about $35.5 million and noted that recent leasing gains, including an expanded presence by Clayco, have pushed occupancy into the neighborhood of 70 percent.
What Will Change Inside
A current commercial listing for the building outlines a slate of planned amenities that includes a revamped lobby, a tenant lounge, river-view dining areas and new spec suites, along with conferencing space and potential hotel uses, according to the property’s LoopNet listing. The listing also names Madison Rose as the leasing agent fielding inquiries for available space.
Historic Building, Modern Needs
The Jewelers Building is a terracotta-clad Chicago landmark dating back to the 1920s and has already seen previous rounds of modernization, with the owners saying on the building’s site that this latest phase is meant to balance preservation with fresh amenities. Local coverage of the acquisition and repositioning has highlighted adaptive-reuse possibilities, including potential upper-floor hospitality or residential conversions if market conditions line up, according to Chicago Build.
Public timelines and permit filings for the $25 million renovation package have not been spelled out in available listings, and the leasing and amenity rollout is expected to be phased while the owners market upgraded floors to prospective tenants. For those eyeing space, commercial postings list Madison Rose as the primary contact, and the building’s official site directs prospective tenants to contacts for tours and spec-suite availability.
