The Wrigley Building was sold in September 2011 by Mars, Inc. to a group of investors led by BDT Capital Partners, which includes Zeller Realty Group. Zeller Realty Group is serving as asset manager, developer, property manager and leasing agent for the available office space, along with Newmark Grubb Knight Frank.
Zeller Development Corporation led the $70 million renovation of the 90 year old building, which was completed on July 1, 2013. The building’s 472,639 rentable square feet boasts two new lobbies, new elevator cabs, multi-tenant corridors, restrooms, windows, HVAC, plumbing, electrical, and a sprinkler system. Building amenities now include a state-of-the-art conference facility, tenant lounge and fitness center (projected March 2014 opening). The redevelopment has removed various building additions over time, restoring it to its original splendor, along with the transformation of the building’s expansive plaza into a three-level, 52,500 square foot dining and retail shopping destination.
For a complete list of amenities, please visit www.thewrigleybuilding.com
*Available for rental by non-tenants as well.
The Wm. Wrigley Jr. Company had owned the building until 2011, when the company sold the 473,000-square-foot structure to a consortium of investors led by BDT Capital Partners and including Zeller Realty Group, leaving a large vacancy when Wrigley relocated their offices. The new owners sought to retain the building’s name and restore its historic integrity while positioning it to serve a new mix of 21st century office and retail tenants.
The new owners negotiated an agreement with the City of Chicago to rehabilitate the deteriorated plaza structure between the towers, including structural replacement, granite pavers and elegant lighting, which highlighted the intricate terra cotta design at the connecting third floor bridge and building columns. A new, historically detailed, bronze storefront was installed along the plaza, and the “modern” glass column covers at the former 410 Club – dubbed an “antiseptic, refrigerator-style wall” by Chicago Tribune architecture critic Blair Kamin – were restored with new terra cotta. Most dramatically, the owners removed a non-historic screen wall installed under the connecting bridge at Michigan Avenue, effectively extending the street activity into the plaza and enhancing the pedestrian connection between Michigan and Wabash avenues. Retail leases also include outdoor seating, which will further energize the plaza.
In addition, Ownership worked closely with Alderman Reilly and City of Chicago departments, commissions and staff to achieve the consensual Landmark Designation and recommendation for Cook County Class L Property Tax Incentive, which required compliance with historic rehabilitation standards and significant capital investment in the rehabilitation of The Wrigley Building. The Commission on Chicago Landmarks recently described the completed rehabilitation as “exemplary.”
Inside the towers, all public areas were renovated. The building main lobbies were also renovated with a timeless design incorporating marbles and mahogany and raised plaster ceilings. Historic bronze elevator doors, clocks and similar historic features were maintained, and historic chandeliers were salvaged, restored and reinstalled. Multi-tenant corridors were renovated and contemporary toilet rooms constructed. Over 1,800 new, historically detailed, energy-efficient windows were replaced.
New mechanical and electrical systems were expanded and upgraded to contemporary standards, including new life safety systems. Over 400,000 square feet of vacant tenant space was demolished, and areas were reconditioned to current office and retail market standards.