The Prime Group

What The Prime Group does

The Prime Group, Inc. is a Chicago-based, privately held real estate development company founded in 1982 by Michael W. Reschke. The firm develops, owns, and operates institutional-quality commercial, residential, and hospitality real estate across the United States, with a cumulative project portfolio exceeding $14.0 billion since inception. Its current asset base spans more than 30 properties including landmark office towers (77 West Wacker, Citadel Center, James R. Thompson Center, 35 East Wacker), luxury hotels (JW Marriott Chicago, The LaSalle Hotel, Residence Inn Chicago Loop, Residence Inn Magnificent Mile, RIU Grand Plaza), residential developments (10 East Delaware, The Monroe and LaSalle Residences), and industrial facilities (Huntley Commercial Center). The company also operates restaurants and banqueting venues through its wholly-owned Roanoke Hospitality affiliate.

The firm's core capability is adaptive reuse and value-add repositioning of historic and underperforming urban assets. Notable executions include the conversion of the former Loop trading-floor building at 208 South LaSalle into a 610-room JW Marriott Chicago (2011) and the 232-room LaSalle Hotel (2022), the conversion of the former Cboe Global Markets headquarters at 400 South LaSalle into a 33-megawatt data center, and the ongoing $280 million redevelopment of the James R. Thompson Center into Google's Midwest headquarters (projected 2026 completion). The firm operates with a lean team of 11-50 employees, supplementing internal capabilities with joint venture capital partners (Capri Investment Group, CRG) and outsourced construction firms (Clayco, Faron Construction Services).

Revenue is generated across four streams: development fees earned on construction and adaptive reuse projects; long-term ownership and operation of office, hotel, and residential assets producing rental and hospitality income; opportunistic acquisition and disposition of distressed or underperforming properties to institutional buyers; and managed restaurant and banqueting operations through Roanoke Hospitality. Go-to-market is enterprise field sales targeting corporate tenants (Google), government entities (State of Illinois), institutional capital partners (Capri, CRG), and hospitality brands (Marriott, Hyatt, RIU). The firm has no proprietary technology platform; competitive differentiation derives from principal-level expertise, capital relationships, and adaptive reuse execution capability.

Name

The Prime Group

Legal name

The Prime Group, Inc.

Website

https://primegroupinc.com

Company type

Private

Founded year

1982

Operating status

Operating

Headcount range

11–50 employees

Short description

The Prime Group, Inc. is a Chicago-based real estate development company founded in 1982 that develops, owns, and operates commercial, residential, and hospitality properties across the U.S. The firm specializes in adaptive reuse and value-add repositioning of urban assets, serving corporate tenants, government entities, and institutional capital partners via joint ventures.

Ownership category

akta.pro rank

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

Keywords

• Commercial real estate development
• Adaptive reuse projects
• Luxury hospitality hotels
• Office building investment
• Build-to-suit developments

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales, Others

Revenue model

1. Real Estate Development Fees: Development fees earned on new construction and redevelopment projects, including adaptive reuse of historic buildings into hotels, residential, and commercial spaces.
2. Property Ownership and Operations: Long-term ownership and operation of residential, commercial, and hospitality real estate assets generating recurring rental income and hotel revenues.
3. Asset Acquisition and Disposition: Purchase of distressed or underperforming properties at discounts, with value-add improvements and subsequent sale to institutional buyers at higher valuations.
4. Hotel and Restaurant Operations: Through Roanoke Hospitality affiliate, manages all restaurants and banqueting operations in hotels owned by Prime and fee-based operations in other hotel properties.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels3 records

Core offering

The Prime Group, Inc. is a real estate developer, owner, and operator that acquires, develops, redevelops, and manages institutional-quality commercial, residential, and hospitality properties across the United States. Its offerings include adaptive reuse of historic buildings, build-to-suit corporate headquarters, office-to-hotel conversions, luxury residential developments, and long-term ownership of stabilized assets. Through its Roanoke Hospitality affiliate, the company also operates restaurants, banqueting, and food-and-beverage venues within its owned and third-party hotel properties.

Product overview

The Prime Group is a real estate development company offering a diversified portfolio of commercial, residential, and hospitality properties across the United States. The company's offerings include office buildings (77 West Wacker, Citadel Center, 35 East Wacker), hotels (JW Marriott Chicago, The LaSalle Hotel, Residence Inn Chicago Loop, Residence Inn Magnificent Mile, RIU Grand Plaza, The Monroe Hotel), residential developments (The Monroe Residences, The LaSalle Residences, 10 East Delaware), adaptive reuse projects (James R. Thompson Center for Google's headquarters, data center conversions), and industrial facilities (Huntley Commercial Center). The company also operates restaurant and hospitality venues including Roanoke, Grill on 21, Bandol, The Fillmore, 101 Club, and Aire through its Roanoke Hospitality affiliate. The Prime Group also manages food and beverage operations across its hotel properties, offering event spaces, restaurants, and banquet services as part of the hospitality experience.

Differentiator

Problem solved

Functional benefit

Brands

• Roanoke Hospitality: Hotel and restaurant operations management affiliate
• Faron Construction Services, LLC

Products and services

• The James R. Thompson Center A 1.2 million SF office building redevelopment on LaSalle Street in Chicago being transformed into Google's Midwest headquarters, expected to bring approximately 5,000 tech jobs to the Central Loop. Awarded 'Deal of the Year' at the 35th annual Chicago Commercial Real Estate Awards.
• 77 West Wacker A 985,000 SF postmodern office building on Wacker Drive designed by Ricardo Bofill and completed in 1992; a prominent feature of Chicago's prestigious skyline.
• Citadel Center A 1,525,000 SF office building at 131 South Dearborn in Chicago's Loop, designed by Ricardo Bofill and completed in 2003.
• JW Marriott Chicago A 610-room five-star full-service hotel featuring over 40,000 square feet of ballroom and meeting space, and 25,000 square feet of spa and fitness center; opened in 2011 as an adaptive reuse of the historic building at 208 South LaSalle Street.
• The LaSalle Hotel A 232-room five-star full-service hotel operated as a member of the Marriott Autograph Collection on the upper floors of 208 South LaSalle Street, featuring 'Grill on 21' restaurant and approximately 7,600 square feet of meeting space.
• Residence Inn Chicago Loop A 35-story, 381-room extended-stay hotel at 11 South LaSalle Street; an adaptive reuse of the Roanoke Building, a Chicago landmark listed on the National Register of Historic Places, featuring 'Roanoke' restaurant and approximately 9,300 square feet of meeting space.
• Residence Inn Chicago Magnificent Mile A 289-key hotel rebranded from the former Conrad Hotel by Hilton at 101 East Erie to a Residence Inn by Marriott property.
• RIU Grand Plaza A 28-story, 390-key hotel completed in 2024 with ground-floor lobby and café restaurant, rooftop restaurant and bar with sky terrace and glass floor, and second-floor restaurant and banquet space.
• 115 South LaSalle A 625,000 SF office building being redeveloped for the State of Illinois, which will own and occupy the building and relocate approximately 3,000 employees from the James R. Thompson Center.
• 400 South LaSalle A 300,000 SF adaptive reuse project converting the former Cboe Global Markets headquarters into a data center, with Prime increasing available power capacity to 33 megawatts.
• 35 East Wacker (Jeweler's Building) A 40-story landmark office tower built in 1926 with 556,200 rentable square feet, located at the northwest corner of Wacker Drive and Wabash Avenue.
• Huntley Commercial Center A 540,960 RSF industrial facility in Huntley, Illinois with 126 dock-high and four drive-in doors, 36-foot clear height ceilings, and 60-foot speed bays.
• 10 East Delaware A 35-story luxury condo tower in Chicago's Gold Coast neighborhood with 115 private residences featuring curved balconies with wrought iron detailing, Poggenpohl cabinetry, and Subzero, Wolf, and Miele appliances.
• The Island on Lake Travis A 212-unit luxury property in Austin, TX, originally developed as condominiums in 1988, converted to senior retirement resort, and later converted back to condominiums in 2007.
• Roanoke Hospitality Restaurant and Banqueting Operations Hotel and restaurant operations managed by Roanoke Hospitality, LLC, Prime's affiliate that operates all restaurants and banqueting operations in hotels owned by Prime and provides fee-based food-and-beverage operations in other hotel properties, including venues such as Bandol, Roanoke Restaurant, Grill on 21, The Fillmore, 101 Club & Restaurant, and Aire (Hyatt Centric).
• Faron Construction Services Construction services company under The Prime Group, led by Michael J Faron as President, providing construction oversight and contractor relations support across Prime's development projects.

Quantifiable outcome

• Over $14.0 billion in institutional-quality real estate projects developed or acquired since 1982
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles5 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered major, flagship, core and legacy.

• Skydeck LLCmajorStrategic or Co-development Partner · 1 January 2026Prime, along with partners Capri Investment Group and Skydeck LLC, won 'Deal of the Year' at the 38th Annual Commercial Real Estate Awards for the disposition of 400 S. LaSalle to Legacy Investing.
• CRG (CRG Real Estate)majorStrategic or Co-development Partner · 1 January 2024CRG partnered with Prime Group and Reschke to acquire the historic Jewelers Building (35 East Wacker) for $36 million in August 2024. The partnership plans a $25 million renovation to attract new tenants amid high downtown office vacancy.
• ClaycomajorStrategic or Co-development Partner · 1 January 2024Clayco partnered with Reschke to purchase the distressed Jewelers Building in June 2024, before the property was subsequently transferred to Prime/CRG partnership for renovation.
• GoogleflagshipStrategic or Co-development Partner · 1 July 2022Prime/Capri Interests, LLC entered into a build-to-suit agreement with Google for the James R. Thompson Center redevelopment. Google will own and occupy the Thompson Center upon completion of the planned core and shell renovation, bringing approximately 5,000 tech jobs to the Central Loop. Project projected for completion in 2026.
• Capri Investment GroupflagshipStrategic or Co-development PartnerJoint venture partner with Prime Group on multiple major Chicago developments including the James R. Thompson Center redevelopment (as Prime/Capri Interests, LLC), and recognized together at the 38th Annual Commercial Real Estate Awards for the 400 S. LaSalle data center deal.
• State of IllinoisflagshipStrategic or Co-development PartnerThe State of Illinois is the end-user and owner of 115 South LaSalle (625,000 SF) after Prime completes redevelopment. Approximately 3,000 state employees will relocate from the James R. Thompson Center, enabling the Google transaction.
• Marriott InternationalcoreStrategic or Co-development PartnerPrime develops hotels operated under Marriott brands including J.W. Marriott Chicago (Autograph Collection), Residence Inn Chicago Loop, and Residence Inn Chicago Magnificent Mile (rebranded from Conrad Hotel).
• RIU Hotels & ResortscoreStrategic or Co-development PartnerPrime served as RIU's local development partner for the RIU Grand Plaza Hotel, managing land acquisition, entitlements, and construction oversight for the 390-key hotel completed in 2024.
• Brookdale Living CommunitieslegacyStrategic or Co-development PartnerPrime founded Brookdale Living Communities in 1997 as an innovative senior living solution. Brookdale went public in 1997 and is now the largest owner/operator of senior housing in the United States. Prime organized Brookdale before its acquisition by Fortress Real Estate Investments.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Sterling Bay: Chicago-based real estate developer focused on large-scale urban office, life sciences, and mixed-use projects. Highly comparable to Prime as a mid-sized, Chicago-anchored developer pursuing transformative Loop and Fulton Market deals with institutional capital partners.
• Magellan Development Group: Chicago-based developer of large-scale master-planned communities and mixed-use towers including Lakeshore East. Comparable to Prime in Chicago urban development focus, JV-driven model, and mix of residential, hospitality, and commercial product.
• JDL Development: Chicago-based real estate developer with a portfolio of office-to-residential and adaptive reuse conversions in the Chicago Loop. Highly comparable to Prime in deal type (adaptive reuse, distressed acquisitions) and customer base (institutional, government).

Broad incumbents

• Related Companies: National, large-scale real estate developer of mixed-use, affordable housing, and office projects (incl. Hudson Yards). Comparable to Prime in urban mixed-use development and JV-driven institutional model, but at significantly greater scale and geographic diversification.
• Tishman Speyer: Global real estate developer and investor of trophy office towers and mixed-use campuses. Comparable to Prime in adaptive reuse of signature urban office assets and institutional JV model, but at much larger scale and capital base.
• Brookfield Properties: One of the largest publicly listed commercial real estate developers/operators, with deep Chicago office portfolio and active in adaptive reuse. Comparable in product type and tenant profile, but operates as a much larger incumbent with permanent capital vehicles.
• Lendlease: International real estate and infrastructure developer with mixed-use urban and adaptive reuse experience. Comparable in large-scale urban development and JV model, but operates globally with much greater scale and resources.

Others

• Capri Investment Group: Real estate investment manager and Prime's flagship JV partner (Prime/Capri Interests). Comparable in that they co-invest in and develop large urban projects, but they are primarily a capital partner rather than a direct developer.
• CRG (Clayco Real Estate): Real estate investment and development arm of Clayco and recent JV partner with Prime on 35 East Wacker. Comparable in development and acquisition strategy, but functions more as integrated developer/contractor than as an independent operating developer.
• W.E. O'Neil Construction: Chicago-based general contractor and close operating partner to Prime (former President Michael J. Faron is now EVP at Prime). Comparable in project type and Chicago concentration, but functions as a construction services firm rather than an owner/developer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/PrimeGroupInc

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Prime Group