Wrigley Building’s New Owners Announce Revamp Plans
- Sep 23, 2011
By Veronica Grecu, Associate Editor
Last week Wm. Wrigley Jr. Co. confirmed the sale of its eponymous building, located at 400-410 North Michigan Avenue, Near North Side, and an adjacent 1.5-acre lot to a team of investors led by BDT Capital Partners, a Chicago-based investment company who partnered with Groupon and Zeller Realty Group. Now that the new owners have been announced, the Chicago Tribune has revealed renovation plans for the building’s two interior towers, the public plaza between them and the retail space on the ground floor. Meanwhile, the joint venture is seeking landmark status for the Wrigley building, which, if approved, could lead to significant tax exemptions over the next 12 years.
The property has been Wrigley’s headquarters for almost a century. The company is set to relocate its employees from the building to a new facility on Goose Island by the end of 2012, reports the Tribune. Once the relocation is complete, the 460,000-square-foot office building will have an occupancy rate of only 35 percent.
In residential news, the Tribune reports that a new duplex model was revealed in the Kenwood-Oakland neighborhood, at Lake Park Crescent. The three-bedroom, 2 ½-bath duplex model is called CItyHome and was developed by Draper and Kramer Inc. The new duplex also features an open floor plan, a private deck, a kitchen equipped with granite countertops and stainless-steel appliances, and designer cabinetry. Though originally priced at $498,000, the new duplex models can now be purchased starting from $249,800.