The renovation of the landmark Wrigley Building, one of the beacons along this city’s Magnificent Mile, is an effort by an investor-turned-developer to reposition one of Chicago’s most famous structures amid the city’s expanding retail district.
The $70 million project, including $12 million in city tax breaks, is nearly complete, with a commitment from an anchor tenant at street level and leasing efforts for the upper floors underway...
On the office side, leasing has been slower, reflecting North Michigan Avenue’s relatively high — 18 percent — office vacancy rate. The Wrigley Building’s small floors — 9,500 square feet in the south tower and 19,700 square feet in the north tower — have also been a factor.
“It’s more of a boutique kind of building,” said John Goodman, executive vice president of Studley Inc., a national office tenant representative firm here. “And if you are a company looking for 10,000 to 20,000 square feet of office space in downtown Chicago right now there are a lot of options to choose from.”Modern Makeover for Wrigley Building, Long a Hallmark of Chicago’s Skyline
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