Wrigley Building will sell for $225 million to Chicago billionaire

The Wrigley Building, one of Chicago most well-known skyscrapers, will be sold to Chicago billionaire Joe Mansueto for $225 million. That’s nearly eight times the last sale price of $33 million back in 2011.

Mansueto, who founded investment research firm Morningstar, plans to purchase the set of terracotta towers at 400-410 N. Michigan Avenue from BDT Capital Partners and Zeller Realty Group, according to the Crain’s.

The Wrigley Building was built in the 1920s while the Michigan Avenue bridge was still under construction. Graham, Anderson, Probst & White designed the towers for Wrigley Company, the chewing gum manufacturer.

A unique feature of the building is its 14th floor walkway between the two tower which was later added in 1931. It was also the first office building to be air conditioned.

Just down the street, the Tribune Tower was sold for $205 million in 2016. The new owners revealed plans early this year to convert the historic building from offices to condos.

• Mansueto set to buy stake in Wrigley Building [Crain’s]
• Chicago’s most iconic buildings, mapped [Curbed Chicago]