A 40-story Chicago office building that was designed a century ago to protect jewelers’ valuables is getting a $25 million upgrade that its new owners believe will add value for current and prospective tenants.
An ownership group that bought the Jewelers Building in 2024 on Thursday unveiled plans for a makeover to add fine dining on the rooftop, lobby and rooftop bar and improved fitness and wellness amenities.
The project overlooking the Chicago River will add another chapter to the colorful history of the property at 35 E. Wacker Drive, which got its name from an unusual, internal car-parking system designed to prevent jewelers from being robbed of their valuables.
It also was known as the tallest building west of New York City when it opened in the 1920s.
The tower, which no longer has the mechanized car system and today is used as traditional offices, was sold less than two years ago for $35.5 million.
Owners include construction firm Clayco and its development subsidiary CRG, which have longtime offices there, and Chicago developer Prime Group. TP Management, an affiliate of China’s Titan Power Overseas Investment that recently bought the office building at 205 W. Wacker with plans to convert part of it to apartments, also is an investor in the Jewelers Building.
One of city's 'crown jewels'
In a statement, the owners said the project will modernize the Beaux Arts structure with new food and drink options, co-working and conference spaces, and exterior lighting to draw attention to the tower’s architectural features.
“The Jewelers Building is one of my favorite buildings in downtown Chicago, and we're thrilled to give it the attention it deserves,” Michael Reschke Jr., a Prime Group executive vice president, said in the statement. “This project exemplifies our approach of acquiring historic properties and thoughtfully refurbishing them for contemporary uses. Sitting in the heart of downtown, this building will always be a crown jewel of Chicago's architectural legacy.”
A restaurant run by Prime Group subsidiary Roanoke Hospitality will create an all-day lobby bar and a restaurant and bar with outdoor seating on the 25th floor, the top level before the structure narrows to a thinner tower.
Diners can reserve seating within the colonnades of cupolas that once covered rooftop water tanks, according to the statement.
Construction soon
Outdoor bar and restaurant seats will offer panoramic views of the skyline, near iconic structures such as Tribune Tower and the Wrigley Building.
Construction will begin this fall, with the restaurant and bar concepts scheduled to open in 2027, according to the statement.
The project comes amid historically low demand for office space in Chicago and other large cities, which has pushed many properties into financial distress.
Buildings with high occupancy or that have been sold recently at a dramatically lowered cost basis have rolled out new amenities to compete in leasing. Some outdated offices are being converted to new uses such as apartments or hotels, including multiple Prime Group projects.
Recent leases and renewals in the Jewelers Building include Sheridan Capital Partners taking more than 25,000 square feet last year in a headquarters move from smaller space in the Wrigley Building. Clayco and CRG also increased their space after buying the property.
Capone legend
The Jewelers Building, a Chicago landmark, is listed on the National Register of Historic Places.
The building’s history includes appearances in films such as “Batman Begins” and “Transformers: Dark Side of the Moon," as well as lore linking it to gangster Al Capone.
Local legend has it that Capone once controlled a cupola speakeasy during the Prohibition era that later became a bar and restaurant called the Stratosphere Club. Historians point out that the club didn’t open until the 1930s, by which time Prohibition had ended and Capone was behind bars.
“The Jewelers Building is one of Chicago’s defining landmarks, and its location along the Chicago River is central to the city’s skyline,” Shawn Clark, CRG’s CEO, said in the statement. “The building deserves thoughtful reinvestment, both for our tenants, including Clayco, and as a destination in its own right. I’m confident that our team’s approach to investing in hospitality-driven improvements will elevate the day-to-day experience and genuinely improve life for the people who work here while honoring its historic character.”