Wrigley Building sold, will get upgrade
BY SANDRA GUY Business Reporterfirstname.lastname@example.org September 19, 2011 3:52PM
Exteriors of the Wrigley Building. | Al Podgorski
Updated: November 10, 2011 1:51PM
A consortium that includes Groupon’s financial backers said Monday that it has bought the Wrigley Building and will keep its name intact and seek landmark status for it. Their plans appear to be to continue to lease the building for offices while improving retail offerings on its ground floor.
The consortium, which also bought the adjoining 1.5-acre lot at 443 Wabash, is led by BDT Capital Partners and includes Zeller Realty Group and Groupon investors Eric Lefkofsky and Brad Keywell.
No terms were disclosed.
The new owners repeated earlier statements that neither Groupon nor any of the companies affiliated with Lefkofsky and Keywell’s investment vehicle, Lightbank, have immediate plans to relocate into the Wrigley Building.
“Consistent with the business model of BDT Capital Partners, we are partnering with other family business and entrepreneurial leaders to preserve the long-term legacy of the Wrigley Building,” said Byron D. Trott, managing partner and chief investment officer for BDT Capital Partners.
Zeller Realty will revitalize the property, improve the plaza between the properties and serve as the property manager and marketing and leasing agent for the Wrigley Building.
“We look forward to partnering with BDT Capital Partners and the other important members of this consortium to reinvigorate this notable Chicago skyscraper to give it a vibrant 21st century environment while celebrating its architecture and tradition, which has existed for close to a century,” said Paul Zeller, President, Zeller Realty Group. “Our company has a strong record of careful stewardship of historically significant properties, and we are certain that the Wrigley Building will remain a proud symbol of Chicago’s architecture and history.”
The Wrigley Company will continue to lease space in the building through the end of 2012, while it relocates its global headquarters to the company’s campus on Goose Island.