Stephen Skok Of JLL Secures $150M Loan For Wrigley Building In Chicago

The Wrigley Building, an iconic Class A office and retail property, located at 400-410 North Michigan Avenue in Chicago, IL, secured $150 million in financing through a 30-year, fixed-rate acquisition loan from an undisclosed life insurance company. The property, totaling 478,920 square feet, consists of two towers, the 18-story North Tower and the 26-story South Tower, connected by walkways on the 3rd and 14th floors. It boasts a prestigious tenant roster including American Medical Association, Leo Burnett, ABA, Nuveen, Walgreens, and Perkins + Will.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $150,000,000.00
• Address: 400-410 North Michigan Avenue, Chicago, IL
• Market: Chicago
• Borrower's Rep: Stephen (Steve) Skok (JLL)
• Broker: Stephen (Steve) Skok (Berkadia)
• Lender: Unknown life insurance company

Holliday Fenoglio Fowler, L.P. (HFF) arranged the financing for The Wrigley Building on behalf of the borrower, Mansueto Properties LLC. The extensive renovation of the property from 2012 to 2014 transformed it into a modern office and retail space, offering top-tier amenities including a fitness center, tenant lounge, and conference center. Joe Mansueto of Mansueto Properties LLC expressed a commitment to maintaining the building's legacy and its significance in Chicago's future growth.