A longtime jeweler on Chicago’s ritzy Oak Street has bought its property with plans to expand the space where it sells designer jewelry and Swiss timepieces, adding to major investments made on the Gold Coast luxury retail avenue in recent years.
Razny Jewelers on Friday announced its purchase of the three-story structure at 109 E. Oak St. from its longtime owner, with plans to expand and upgrade its space.
The sale price was not disclosed in a statement about the deal, and the price could not yet be found in property records.
Oak Street has seen several major investments in recent years, including arrivals of new tenants such as Cartier, Bottega Veneta and Van Cleef & Arpels.
Germany’s Union Investment Real Estate paid $120 million for a Chanel-anchored property at 65 E. Oak St. in 2021. That property went back on the market for sale late last year.
Razny Jewelers’ purchase was its second on Oak Street since early 2024, allowing the company to plot a big expansion.
The 75-year-old, family-owned company said the latest property purchase is part of a plan to create two levels dedicated to Rolex with private viewing areas and a new fourth level with indoor and outdoor space.
In February 2024, the family paid almost $16.4 million for the neighboring three-story structure at 107 E. Oak St. A demolition permit was issued by the city for that property earlier this week.
A spokesperson said the latest purchase was completed Friday. It’s unclear whether any of vacant structure at 107 E. Oak will be incorporated into the new design.
Construction is set to begin in the spring, according to the statement.
“This acquisition marks an important next chapter in the Razny family’s 75-year commitment to offering the highest-quality natural diamonds, fine jewelry and finest Swiss timepieces,” CEO Stan Razny said in the statement. “Our focus has always been on delivering an elevated shopping experience built on expertise, personal service and value. This purchase strengthens our presence on Oak Street, unlocks new opportunities and reflects our ambition in jewelry, timepieces, innovation and excellence throughout Chicagoland.”
The company also has shops in suburban Highland Park, Hinsdale and Addison.
For the record
Legal and advisory support was provided by Scott Weinstein of Field and Goldberg and Davil Lahl of Level One Advisory Group. AMOC, also known as Amalgamated Bank of Chicago, provided financing.