A group led by Byron Trott's investment firm BDT Capital Partners LLC is mulling a sale of the Wrigley Building in Chicago for more than $200 million, more than 6x the price it paid to acquire the property in 2011, the Chicago Tribune reported, citing sources.
The company has met investment sales brokers for discussions on the sale.
Most of the office space at the roughly 472,000-square-foot building is leased with Perkins + Will as the largest office tenant occupying over 60,000 square feet, while two ground-floor retail spaces are lying vacant. Tenants renting the retail space include a Walgreens drugstore, a Peet's Coffee flagship and a Ghirardelli ice cream and chocolate shop.
The two-tower structure was acquired by a consortium comprising BDT, Zeller Realty Group and Groupon co-founders Brad Keywell and Eric Lefkofsky for $33 million from the Wm. Wrigley Jr. Co. It also underwent a $70 million renovation, the March 1 report added.
BDT funded the renovation costs by divesting a nearby parking lot on Wabash Avenue to Macerich Co. for $42 million. The California-based shopping mall owner is looking to develop a project on the site that will be linked to the Michigan Avenue mall, the report noted.
