Holliday Fenoglio Fowler, L.P. (HFF) announced $150 million in financing for The Wrigley Building, an iconic Class A office and retail property totaling 478,920 square feet in Chicago. The HFF team worked on behalf of the borrower, Mansueto Properties LLC, to secure the 30-year, fixed-rate acquisition financing through a major life insurance company.
“The Wrigley Building is an iconic symbol of Chicago, which will serve as a long-term, generational real estate investment for Mansueto Properties,” said HFF managing director Stephen Skok, who represented the borrower.
Originally built in 1921 and 1924, The Wrigley Building is one of Chicago’s most iconic properties and is listed on the National Register of Historic Places. The two-tower property, which has connecting walkways on the 3rd and 14th floors, was completely renovated from 2012 to 2014 to create modern office and retail space, to further enhance the historic façade and provide tenants with best-in-class amenities, including a fitness center, tenant lounge and conference center.
The 18-story North and 26-story South Tower are 90 percent leased overall to tenants including American Medical Association, Leo Burnett, ABA, Nuveen, Walgreens and Perkins + Will. Located at 400-410 North Michigan Avenue, The Wrigley Building sits at the northwest corner of North Michigan Avenue and the Chicago River. This location in the North Michigan Avenue submarket has a robust amenity base with world-class shopping along the “Magnificent Mile,” abundant hotels and meeting space, numerous residential options, various cultural institutions and many recreational activities/facilities.
“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,” said Joe Mansueto of Mansueto Properties LLC.