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Wrigley Building Sold for $33 Million

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    NEWSLETTERS

    The Wrigley Building's new owners purchased the iconic space for $33 million, a deed filed last month revealed.

    The 460,000 square-foot building was sold to a group of investors that includes Zeller Realty Group and Groupon Inc. co-founders Eric Lefkofsky and Brad Keywell for about $72 per square foot, according to Crain's Chicago Business.

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    Zeller Group Realty will lead a renovation of the office buildings, which includes making improvements to the plaza between the two buildings and taking full advantage of ground-floor retail in both buildings, according to a press release announcing the sale.

    "It has been our commitment to secure the new ownership for the Wrigley Building that will ensure its best possible future use and protect the building's historic legacy," said Reuben Gamoran, Chief Financial Officer of Wrigley, in a release.

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    The Wrigley Company will continue to lease space in the building until the end of next year. Neither Groupon nor the companies co-founded by Lefkofsky and Keywell have immediate plans to relocate into the Wrigley Building, according to the release.

    Wrigley and the new owners also have filed a trademark license agreement, under which the new owner must maintain "The Wrigley Building" sign on the property and cannot place a larger sign without Wrigley's consent, according to Crain's.

    "Our company has a strong record of careful stewardship of historically significant properties, and we are certain that the Wrigley Building will remain a proud symbol of Chicago's architecture and history," said Paul Zeller, President of Zeller Realty Group in a release.