HFF Announces $150M Financing of the Wrigley Building in Chicago
Holliday Fenoglio Fowler, L.P. (HFF) announces $150 million in financing for The Wrigley Building, an iconic Class A office and retail property totaling 478,920 square feet in Chicago, Illinois.
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.
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.
The HFF debt placement team representing the borrower consisted of managing director Stephen Skok.
“The Wrigley Building is an iconic symbol of Chicago, which will serve as a long-term, generational real estate investment for Mansueto Properties,” Skok said.
About Mansueto Properties LLC
Mansueto Properties was recently started by Joe Mansueto, founder and executive chairman of Morningstar (NASDAQ: MORN). Morningstar, Inc. is an investment research and investment management firm started by Mr. Mansueto in 1984 which is headquartered in Chicago, Illinois. He holds a bachelor’s degree in business administration from the University of Chicago and a master’s degree in business administration from the University of Chicago Booth School of Business. Moreover, the University of Chicago Library’s new wing is named the Joe and Rika Mansueto Library following a generous donation to their alma mater from Mr. and Mrs. Mansueto.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.