One of Chicago’s most beloved landmarks is being sold. The white terra cotta clad buildings at 400 to 410 N. Michigan Avenue were built in 1921 with an addition in 1924. Designed by Graham, Anderson, Probst & White, the Beaux-Arts Wrigley Building has been a landmark since its completion, and became a Designated Chicago Landmark in 2012 with much advocacy and support from Preservation Chicago and Landmarks Illinois. The building’s façade has over 250,000 terra cotta tiles and a distinctive clock tower inspired by the Giralda of the Seville Cathedral in Spain.
The current ownership is BDT Capital Partners and Zeller Realty Group, which includes Groupon co-founders Brad Keywell and Eric Lefkofsky. They purchased the Wrigley Building from William Wrigley Jr. Company for $33 million in 2011 and invested $70 million to renovate the 472,000-square-foot building. They leased ground floor space to new retail tenants including Walgreens, Peet’s Coffee and a Ghirardelli ice cream and chocolate shop. Additionally, they leased up most of the office space in the 18 and 24- story towers. The largest office tenant is architecture firm Perkins + Will. The buyer is Joe Mansueto, the founding CEO of investment research firm Morningstar.