Chicago Developer Purchases Office Tower, Plans Hotel Conversion; Brookfield Sells O'Hare Apartment Complex; Block 37 Mall and Pavilion Apartments Up for Sale

Chicago developer Mike Reschke's Prime Group has been selected as the buyer of the 40-story Jewelers Building at 35 E. Wacker Drive. Reschke is considering converting at least part of the office building into a hotel, given the soft demand for older office space. The exact price of the deal is expected to be over $39 million. Reschke's firm, Prime Group, is known for converting vintage office space into hotels, and they have previously converted sections of other office buildings into hotels in Chicago. The Jewelers Building, which hasn't changed hands since 1981, has a colorful history and was once connected to gangster Al Capone.