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Wrigley Building Trades for Reported $255M
Morningstar founder Joe Mansueto has a deal to buy the Wrigley Building for $255 million, the Chicago Tribune reported. Current ownership, including BDT Capital Partners and Zeller Realty Group, paid $33 million for the two-tower Michigan Avenue landmark in 2011.
Although the property’s owners began interviewing brokerages with an eye toward a sale in March, BDT and Mansueto ended up negotiating a deal themselves, bypassing external brokers. Earlier, the Wrigley Building’s ownership had traded a nearby parking lot—included in the 2011 purchase—to the Macerich Co. for $42 million.
Following their acquisition of the two connected towers at 400 and 410 N. Michigan Ave., which date from the early 1920s, the BDT-led venture spent about $70 million renovating the property and leasing it up. Its largest tenant is architecture firm Perkins + Will, which occupies more than 60,000 square feet.
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- ◦Sale/Acquisition
