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The ornate cream terra-cotta towers of the Wrigley Building, with its gleaming floodlit night time presence (although a bit dimmer of late) anchoring the foot of Michigan Avenue, have been among the most iconic structures in Chicago for almost a century. After the huge Mars Candy corporation dumped the building after it acquired the William Wrigley Company and moved out all the employees to Goose Island, however, it didn't have much commercial value. Shorn of its anchor tenant, with a derelict plaza between the towers and interiors often lightly maintained down through the decades, the nearly half-million square foot property sold for a bargain basement $33 million back in 2011.
Since then, the owners have done a gut rehab of the interior . . .
Crain's Chicago Business is reporting that the owners, BDT Capital Partners LLC, in the process of demolishing what became the Lake Shore Athletic Club building for a surface parking lot, are about to sell the site for an estimated $40 million, more than it cost them to purchase both the Wrigley Building and Annex and the athletic club property only three years ago.
It's a hell of a story, and you can read how it's evolved over the last few years in the articles below . . .
The Wrigley Building Chronicles
Four Buildings and a Funeral - Wrigley: The Architecture that Remains after a Great Company Dies.
Plaza of the Americas to get renovation: Wrigley next, please, please.
Plaza of the Americas rehab: zzzzzzzzzzzzzzzzzzzzzzzz
Where Perfect People meet the Rest of Us
The $2 Million bargain: The Grandeur of the Wrigley Building Plaza restored
The Realtors Dream - Does the Plaza of the Americas Have a Future?
An Affectionate Last Look at a Building Not Worth Saving: Wreckers descend on the Downtown Court Club