Modern Makeover for Wrigley Building, Long a Hallmark of Chicago’s Skyline
December 10, 2013


John Goodman Studley

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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