CHICAGO–(BUSINESS WIRE)–$HF #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.
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
or follow HFF on Twitter @HFF.