Wrigley Building Gets Landmark Status, Renovations Planned

The Commission on Chicago Landmarks and City of Chicago City Council have granted landmark status to the historic Wrigley Building, a two tower property at 400 and 410 North Michigan. Owned by a consortium of investors led by BDT Capital Partners that includes Zeller Realty Group, The Wrigley Building was built in 1920 on land that was selected by chewing gum magnate William Wrigley Jr. to headquarter his gum company. The Wrigley Company is set to move into a newer building on Goose Island, leaving one of Chicago’s most recognized buildings with more than 250,000 square feet up for lease, according to an NBC Chicago report.

"I commend the city's Landmarks Commission for declaring The Wrigley Building a historic landmark," said Mayor Emanuel. "Respecting and preserving our city's unique architectural history is important and can be done in concert with the city's economic development and job creation goals. This creates a positive situation for all involved and allows Chicago to move forward while honoring its past."

"We are pleased that The Wrigley Building's historical legacy will be protected, and we are committed to its preservation as we now embark upon our extensive redevelopment plans," said E. Robbie Robinson, Principal, BDT Capital Partners. "We, along with our partners, will ensure that The Wrigley Building is revitalized and remains a dynamic part of the economic growth of Chicago."

Extensive renovations, including the creation of a new gateway plaza, are in the final stages of approval by city, state and federal historic preservation agencies. Retail development plans to expand upscale retail space at the first, second and lower levels of both towers include adding a new fine dining restaurant to replace the vacant 410 Club along with high-end apparel, food and entertainment retailers.

"The scope and design of The Wrigley Building redevelopment is being finalized and we expect construction to begin in late June with the majority of improvements to be completed by the summer of 2014," said Ari Glass, senior vice president with Zeller Realty Group. "We are excited to begin welcoming tenants as early as this fall to renovated space in this internationally renowned destination."

For more news and information visit Blumberg Capital Partners.