What The Prime Group, Inc. does

The Prime Group, Inc. is a privately held, founder-controlled real estate owner, developer, and operator founded in 1982 by Michael W. Reschke and headquartered in Chicago, Illinois. Across more than four decades the firm has developed or acquired over $14.0 billion of institutional-quality real estate projects spanning commercial office towers (77 West Wacker, Citadel Center, James R. Thompson Center, 115 South LaSalle, 35 East Wacker), luxury residential (10 East Delaware, The LaSalle Residences, The Monroe Residences), full-service and extended-stay hospitality (J.W. Marriott Chicago, The LaSalle Hotel, Residence Inn Chicago Loop, Residence Inn Magnificent Mile, RIU Grand Plaza, The Monroe Hotel), adaptive reuse conversions, and an industrial/data-center asset at 400 South LaSalle. Its core competency is the adaptive reuse and historical renovation of large, often landmark Chicago Loop office buildings into mixed-use hospitality, residential, and office assets.

The company's revenue is generated through development fees, property ownership and operation, hotel operations, restaurant/banquet operations via its subsidiary Roanoke Hospitality LLC, construction-related services through Faron Construction Services LLC, and the acquisition and disposition of stabilized assets. Its go-to-market is enterprise field sales targeting institutional investors, major corporations (e.g., Google's build-to-suit Midwest HQ at the Thompson Center), and government entities (e.g., State of Illinois 115 South LaSalle redevelopment), with marquee capital partners including Capri Investment Group, CRG, and Clayco on joint-venture acquisitions such as the 2024 $36 million purchase of the Jeweler's Building.

The Prime Group operates primarily across the U.S. Midwest with a stated multi-region footprint including the Southeast, Southwest, Northeast, Texas, Colorado, Florida, and Tennessee. It maintains a deliberately lean in-house team — reported as 11–50 employees — supplemented by joint-venture partners, third-party hotel flag operators (Marriott, RIU, Hilton), and outsourced construction management, with the senior team carrying 250+ years of collective real estate experience across capital markets, development, construction, law, and asset management.

Name

The Prime Group, Inc.

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 privately held Chicago-based real estate owner, developer, and operator founded in 1982 that develops, acquires, and operates commercial office, luxury residential, hospitality, and adaptive reuse properties across multiple U.S. regions for institutional, corporate, and government counterparties.

Ownership category

akta.pro rank

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, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Real Estate Development: Generates revenue through development, acquisition, ownership, and operation of residential, commercial, and hospitality real estate properties. Revenue derived from property sales, leases, hotel operations, and asset management.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

The Prime Group, Inc. is an owner, developer, and operator of residential, commercial, industrial, and hospitality real estate projects. The firm develops iconic office towers, luxury residential buildings, five-star and extended-stay hotels, and adaptive reuse redevelopments of historic structures, with landmark Chicago projects including 77 West Wacker, Citadel Center, the J.W. Marriott Chicago, and the James R. Thompson Center redevelopment for Google.

Product overview

The Prime Group, Inc. is a real estate development company that offers a diverse portfolio of properties across multiple categories. The company's product and service offerings include commercial office properties (77 West Wacker, Citadel Center, 115 South LaSalle, James R. Thompson Center, 35 East Wacker), hospitality properties (J.W. Marriott Chicago, The LaSalle Hotel, Residence Inn Chicago Loop, Residence Inn Chicago Magnificent Mile, RIU Grand Plaza, The Monroe Hotel), residential properties (The Monroe Residences, The LaSalle Residences, 10 East Delaware), adaptive reuse projects (including data center conversions), and restaurant/hospitality operations (Roanoke, Grill on 21, The Fillmore, Bandol, 101 Club & Restaurant, Aire). The company also provides property management, development, and construction management services through its team of experienced professionals.

Differentiator

Problem solved

Functional benefit

Brands

• Roanoke Hospitality: Hotel affiliate that manages and operates all restaurants and banqueting operations in the hotels owned by Prime, and also manages restaurants in hotels owned by others on a fee basis.
• Roanoke
• Grill on 21
• The Fillmore
• Bandol
• 101 Club & Restaurant

Products and services

• J.W. Marriott Chicago A 610-room, five-star full-service hotel with over 40,000 square feet of ballroom and meeting space and 25,000 square feet of spa and fitness center, located at 208 South LaSalle Street in downtown Chicago. Opened in 2011.
• The LaSalle Hotel A 232-room, five-star full-service hotel operated as a member of the Marriott Autograph Collection, on the upper four floors of the historic building at 208 South LaSalle Street in downtown Chicago. Opened in 2022.
• Residence Inn Chicago Loop A 35-story, 381-room extended-stay hotel located at 11 South LaSalle Street, opened in 2015 as an adaptive reuse of the Roanoke Building, a Chicago landmark listed on the National Register of Historic Places.
• Residence Inn Chicago Magnificent Mile A 289-key hotel resulting from the rebranding of the former Conrad Hotel by Hilton at 101 East Erie to a Residence Inn by Marriott.
• RIU Grand Plaza A 28-story, 390-key hotel that opened in Summer 2024 in Chicago. Prime served as RIU's local development partner, managing land acquisition, entitlements, and construction oversight.
• The Monroe Hotel A proposed 327-room, full-service hotel to be constructed on Floors 2 through 12 in the buildings located at 111 West Monroe Street in downtown Chicago, part of BMO-Harris office campus conversion to mixed-use.
• The Monroe Residences A proposed 345-unit luxury residential apartment building to be constructed on Floors 13 through 21 in the buildings located at 111 West Monroe Street in downtown Chicago. Projected completion 2027.
• The LaSalle Residences A proposed 168-unit luxury residential apartment building to be constructed on Floors 13 through 15 in the 208 South LaSalle Street building in downtown Chicago. Projected completion 2027.
• 10 East Delaware A 35-story tower in Chicago's Gold Coast neighborhood comprising 115 private residences with amenities including rooftop garden, outdoor swimming pool, and 35th-floor Ten Club. Completed in 2009.
• 77 West Wacker A 985,000 SF postmodern office building located on Wacker Drive, designed by Ricardo Bofill. Completed in 1992.
• Citadel Center A 1,525,000 SF office building at 131 South Dearborn in Chicago's Loop. Postmodern building designed by Ricardo Bofill, completed in 2003.
• 115 South LaSalle A 625,000 SF office building being redeveloped for the State of Illinois, which will own and occupy the building after the project.
• James R. Thompson Center A 1.2 million SF office building being redeveloped as a build-to-suit project for Google, which will own and occupy the Thompson Center upon completion of its planned core and shell renovation. Projected completion 2026.
• 35 East Wacker (Jeweler's Building) A 40-story landmark office tower built in 1926 containing 556,200 rentable square feet of office space, acquired in 2024 by Prime and CRG for $36 million. Owners are planning a $25 million renovation to lure new tenants amid high downtown office vacancy.
• 400 South LaSalle A 300,000 RSF property converted to data center use. Prime increased available power capacity to 33 megawatts and disposed of the property as a powered shell project.
• Bandol A restaurant operated by Prime/Roanoke Hospitality in Chicago.
• Roanoke A restaurant and lounge located at 135 W Madison St in Chicago, part of the Residence Inn Chicago Loop property.
• Grill on 21 A restaurant and lounge located at 208 S La Salle Street in Chicago, serving The LaSalle Hotel.
• The Fillmore A restaurant located at 120 W Monroe St in Chicago.
• 101 Club & Restaurant A restaurant and club located at 101 E Erie St in Chicago, serving the Residence Inn Chicago Magnificent Mile property.
• Aire A restaurant located at 100 W Monroe St in Chicago.

Named customers3 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Capri Investment GroupcoreStrategic or Co-development Partner · 1 July 2022Prime/Capri Interests, LLC (joint venture) entered into a build-to-suit agreement with Google for the Thompson Center redevelopment. Partners collaborated on the acquisition and development of major Chicago properties including the James R. Thompson Center.
• Skydeck LLCminorStrategic or Co-development PartnerPartnership with Capri Investment Group and Skydeck LLC resulted in Deal of the Year award for successful disposition of 400 S. LaSalle to Legacy Investing.
• RIU Hotels & ResortscoreStrategic or Co-development PartnerPrime served as RIU's local development partner for the RIU Grand Plaza Hotel in Chicago. Managed land acquisition, entitlements, and oversaw construction of the 28-story, 390-key hotel.
• ClaycominorStrategic or Co-development PartnerCollaborated with Clayco to purchase the distressed Jewelers Building. Mike Reschke teamed up with Bob Clark of Clayco for the acquisition.
• CRGminorStrategic or Co-development PartnerReschke and CRG paid $36M for the Jewelers Building in August 2024 for a $25M renovation project.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Golub & Company: Privately held Chicago real estate investment and development firm with a deep portfolio of downtown office, residential, and mixed-use assets. Comparable in scale, geography, and asset-class mix, including historical building repositioning.
• Sterling Bay: Chicago-based real estate developer known for transformative adaptive-reuse and mixed-use urban projects in the city's downtown and Near North Side. Highly comparable as a similarly sized Chicago-focused developer pursuing office-to-residential/life-sciences conversions.
• Capri Investment Group: Chicago-based real estate investment manager and JV partner of Prime on the Thompson Center, 400 S. LaSalle, and other projects. Directly comparable as a Chicago-centric capital and development partner pursuing similar value-add office repositioning.
• Beitler Real Estate Services: Chicago Loop-focused landlord representative and developer. Comparable as a downtown-Chicago office owner/developer; Prime's EVP Michael Reschke Jr. previously worked there, indicating direct operational overlap.
• CRG (Clayco Related Group): National real estate development and investment firm that co-acquired the Jeweler's Building with Prime in 2024. Comparable in opportunistic urban office acquisition and repositioning strategy.

Broad incumbents

• Related Companies: National diversified real estate developer of large-scale mixed-use, office, hospitality, and residential projects (including Chicago's The 78). Comparable in adaptive-reuse and mixed-use expertise but materially larger and more diversified.
• Brookfield Properties: Global real estate platform with significant Chicago office and multifamily holdings. Comparable as a large-scale mixed-use developer/operator that competes for trophy downtown assets; broader and more diversified than Prime.
• Tishman Speyer: Global developer, owner, and operator of office, residential, and mixed-use assets with deep Chicago presence. Comparable in trophy-office ownership and large-scale urban repositioning; substantially larger and more global.

Others

• JLL (Jones Lang LaSalle): Global commercial real estate services and investment firm with major Chicago operations. Comparable ecosystem participant (capital markets, project management); not a direct developer competitor but key talent pipeline (Ryan Moore previously at JLL).

Regional players

• Mag Mile Capital: Chicago-focused real estate investment and development firm pursuing downtown adaptive-reuse and value-add office projects. Comparable as a similarly regional developer with overlapping target submarkets in Chicago.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/the-prime-group-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries4 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, Inc.