Munster native Joe Mansueto's new real estate company, Mansueto Properties, announced Friday that it has purchased the iconic Wrigley Building in Chicago.
Mansueto is founder and executive chairman of the investment research and management firm Morningstar.
"We are thrilled to be the new owners of this iconic Chicago and U.S. landmark property," Mansueto said in a statement announcing the purchase. "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."
Mansueto is buying the building from an investment consortium led by BDT Capital Partners. Terms of the transaction were not disclosed.
Robbie Robinson, a partner at BDT Capital Partners, said the firm sought a buyer who would maintain the Wrigley Building as "a mainstay on Michigan Avenue."
"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," he said in Friday's announcement. "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.”
BDT said it has invested $91 million in a comprehensive renovation to revitalize the building, which included modernizing infrastructure, redesigning public spaces, adding amenities including a gym and tenant lounge, and redeveloping the office and retail space.
BDT also added 50,000 square feet of new and renewed retail space. Tenants include Walgreens, Peet’s Coffee and Tea and Ghirardelli ice cream and chocolate shop. BDT reports occupancy of the building at more than 90 percent, up from 19 percent prior to the redevelopment.
The Wrigley Building environmental credentials include an Energy Star rating and LEED Silver Core and Shell certification. In 2012, the Landmarks Commission declared the 97-year old building a historic landmark.
The redevelopment projects earned BDT a variety of 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.