The Wrigley Building has leased 30,000 square feet in its North Tower for a two-level Walgreens drugstore on Michigan Avenue. A letter of intent also has been signed with Peet’s Coffee & Tea, a specialty coffee and tea company, for 1,350 square feet of retail space in The Wrigley Building’s South Tower.
Earlier this month, the Chicagoland Chamber of Commerce signed an 11,000-square-foot lease and will move its headquarters to the building’s North Tower in November.
“Walgreens and Peet’s Coffee & Tea will be high-quality, cornerstone retail tenants, who will contribute to the vibrancy of our redevelopment of The Wrigley Building,” said E. Robbie Robinson, principal of BDT Capital Partners, majority owner of The Wrigley Building. BDT Capital Partners is a minority investor in Peet’s Coffee & Tea, Inc., a privately owned company based in Emeryville, Calif.
Twice the size of a typical Walgreens drugstore, the company’s store in The Wrigley Building will be another flagship shopping destination comparable to its stores at State and Randolph and in Bucktown. It will feature upscale beauty offerings and an expanded menu of fresh foods.
“The Wrigley Building’s prime location, large storefront windows and renovated plaza between its two towers provide an ideal showcase for top retail brands like Walgreens and Peet’s Coffee & Tea,” said Ari Glass, executive vice president of Zeller Realty Group. Zeller Realty Group is managing The Wrigley Building renovations and leasing efforts.
The new leases and strong market interest capitalize on recently completed renovations at The Wrigley Building, 400–410 N. Michigan Ave. Its comprehensive makeover includes revitalized lobbies and common areas, upgraded infrastructure and a redesigned plaza with up to 70,000 square feet of retail space.
Greg Kirsch from Newmark Grubb Knight Frank Chicago represented the building owners in the Walgreens’ transaction.
The Wrigley Building is owned by a consortium of investors led by BDT Capital Partners that includes Zeller Realty Group, as well as Eric Lefkofsky and Brad Keywell personally, as minority investors.