CHICAGO--(BUSINESS WIRE)--Mansueto Properties today announced that it has purchased the Wrigley Building from an investment consortium led by BDT Capital Partners. Terms of the transaction were not disclosed.
“We are thrilled to be the new owners of this iconic Chicago and U.S. landmark property,” said Joe Mansueto, Founder of Mansueto Properties and Morningstar, Inc. “Located at the new epicenter along the Chicago River, the Wrigley Building stands tall as a clear symbol of our city’s rich history. We are committed to preserving the legacy of this building and ensuring that it remains a vital part of Chicago’s growth well into the future.”
“We are confident that Mansueto Properties will be an excellent home and steward for this dynamic, generational asset,” said Robbie Robinson, Partner at BDT Capital Partners. “For the last seven years, our investment group has committed itself to the success and revitalization of this architectural masterpiece while preserving its long-standing Chicago heritage. It has been our priority to secure new ownership that shares this commitment and will ensure the Wrigley Building remains a mainstay on Michigan Avenue.”
Since taking ownership in 2011, BDT Capital Partners and the ownership group invested an incremental $91 million to fund a comprehensive renovation to revitalize the building, which included modernizing the Wrigley Building’s infrastructure, redesigning the public spaces, creating amenities including a gym and tenant lounge, and redeveloping the office and retail space. Today, the building boasts more than 90% occupancy, transitioning from 19% occupancy prior to the redevelopment. They also reintroduced nearly 50,000 square feet of new and renewed retail space in the building located along the Chicago River and across from the new Apple Store on Michigan Avenue. Marquee retail tenants include Walgreens, which opened a new 32,000 square foot flagship store featuring the Well Experience format, Peet’s Coffee and Tea, which opened a store and outdoor patio, and Ghirardelli, which opened an ice cream and chocolate shop. The ownership group’s long-term commitment enabled this successful redevelopment and revitalization of the Wrigley Building, resulting in a positive outcome for all stakeholders involved.
The Wrigley Building has an Energy Star rating and LEED Silver Core and Shell certification. In 2012, the Landmarks Commission officially declared the 97-year old building a historic landmark. As a result of the redevelopment, the building has been granted numerous awards, including the 2017 International BOMA TOBY Award for Outstanding Historical Building of the Year; the Honor Award for Distinguished Building from the American Institute of Architects; the Richard H. Driehaus Foundation Preservation Award for Rehabilitation Real Estate and Building Construction Industries Council Award; and the Landmark Award for Preservation Excellence Exterior Renovation from the City of Chicago Office of the Mayor.
About Mansueto Properties
Mansueto Properties is a newly-formed entity created to hold the real estate holdings of Joe Mansueto. Joe is the Founder and Executive Chairman of Morningstar.
About BDT Capital Partners
BDT Capital Partners provides family- and founder-led businesses with long-term, differentiated capital. The firm manages more than $9 billion across its investment funds and an additional $4.6 billion of co-investments from its global limited partner investor base. The firm’s affiliate, BDT & Company, is a merchant bank that works with family- and founder-led businesses to pursue their strategic and financial objectives. BDT & Company provides solutions-based advice and access to a world-class network of business owners and leaders.