| Wrigley confirmed today that a group of investors led by BDT Capital Partners and including Zeller Realty Group and Eric Lefkofsky and Brad Keywell (founders of Groupon but investing personally) are buying the 460k SF Wrigley Building (and the adjoining 1.5-acre lot) on Michigan Avenue. |
| Zeller will step outside of its traditional ownership role, spearheading the redevelopment of the building and making improvements to the plaza to optimize retail. Paul Zeller says his group was brought on because of its stewardship of historically significant projects. BDT's Byron Trott says his company will be “partnering with other family business and entrepreneurial leaders to preserve the long-term legacy of the Wrigley Building.” Wrigley will move out of the building by the end of 2012. Groupon and Lightbank, Brad and Eric's other venture, have no immediate plans to move into the facility despite earlier reports that said one of the companies may use the building as an HQ. The transaction was supported by Jones Lang LaSalle and DLA Piper. The new consortium has also agreed to keep the Wrigley name on the building even after the corporation moves to its Goose Island facility. |
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