The renowned Jewelers Building at 35 E Wacker Drive in The Loop has been officially sold to two new owners. Sitting on the intersection with N Wabash Avenue along the Chicago River, the nearly 100-year-old structure could potentially see a partial conversion in the future. Its new owners are developers Prime Group and CRG according to Crain’s.
Site context map of Jewelers Building via Google Maps
Before we cover the details of the sale, we will take a look back at the history of this local icon. One of the last Beaux-Arts style towers built after the influence of the 1893 World’s Fair, the building followed the trend of housing a mass of offices for a single industry, similar to the soon-to-be converted Millinery Mart Building next door.
Original elevation and ground floor plan of Jewelers Building via Chicagology
View of Jewelers Building via LoopNet
Rising 40 stories and 502 feet tall, the terracotta-clad structure was one of the world’s tallest when it was completed in 1926. The building quickly became the crown jewel of Jewelers Row with its iconic vehicle elevator which led to a 23-story parking garage at its center. However soon after vehicle design changed, rendering the system obsolete.
Images of Jewelers Building from 1926 and original floor plan via City of Chicago
Historical image ran on the Chicago Tribune of Jewelers Building via Chicagology
Its four decorative towers along its setback house four water towers for the building’s fire protection, and its main street corner still boasts a six-ton clock donated by its past tenant Elgin National Watch Company. Most recently it has become the home of St. Louis-based Clayco and its design arm Lamar Johnson Collaborative, as well as real-estate arm CRG.
View of Jewelers Building via LoopNet
CRG partnered with Prime Group, who is working on other major projects like the Thompson Center, to purchase the 556,200-square-foot tower for $35.5 million. Nearly 80-percent leased, the team expressed the desire to grow Clayco’s footprint, as well as the potential of a hotel conversion for a few of the floors.
YIMBY first reported on the potential sale late last year. Now with the sale officially closing, the two firms can begin working on formal plans for the building’s future.
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$35 million for this building is such a steal!
More articles like this please
Agreed. I’d love to know what happened to the vehicle elevators. I’ve heard about them, but I’m not aware what the current layout is. Were they just converted to regular elevators or office space?
Hey ya’ll! Glad you guys enjoyed the article. The elevators we’re pretty unique from what I read, so they were becoming a maintenance hassle as time went on. The building originally housed over 600 parking spaces! As cars became longer and wider, the building removed some of them and converted the others into freight elevators for the building as the garage was converted into office space.
It is worth noting, the garage functioned as a valet for tenants, with no access from the office floors themselves.
Let me know if you guys want to know more!
Been there a few times, it’s truly a masterpiece
Great article, but your mention of 600 parking spaces probably triggered a bunch of readers…
I was lucky enough to spend many hours in all parts of this building during the 1990s while working for a building operations company. It truly is a gem. Even the simplest things about it from the washrooms adorned in marble, to the lobby, to the elevators, and the exterior of the structure itself. I was even able to take a look through the helmut jahn studio at the top. Really hope with all these changes they continue to honor and maintain this beauty.
Now this is what you call a gem!
Great work Ian
So enjoyed your article! I worked next door in the United of America Building at 1 East Wacker in the late 1960’s. We were connected by the infamous Little Corporal restaurant…. I always admired the historic and majestic beauty of the building. I loved seeing it up close from the 26 and 27 floors next door. Brings back a lot of memories. So happy it’s being well cared for and has a bright future!