Jul
21

Namesake Vacating Historic Chicago Real Estate

July 21, 2011

This is pretty big Chicago real estate news: Wrigley is leaving Wrigley.

The Wm. Wrigley Jr. Company has announced that, after 90 years, it will vacate the building that dons its name on Michigan Avenue by the end of next year.

The Wrigley Co., an industry leader in gum, candy and lollipops, will move its 250 employees still working at 410 N. Michigan Avenue to its Goose Island campus in Lincoln Park.

Beautiful Wrigley Building

The Wrigley building on Michigan Avenue.

The company has been making the move since 2005, and when complete, will have almost 1,000 associates employed at its new Global Headquarters.

The Wrigley company spent $57 million developing its Goose Island Global Innovation Center, which achieved Gold LEED certification in 2009.

The company also has two nearby facilities that house Wrigley’s Engineering and Information Technology Centers, and it leases office space at 600 W. Chicago, home to its North America business.

“Chicago is our hometown, and Wrigley remains fully committed to maintaining our Global and North American headquarters in the City,” said Reuben Gamoran, Wrigley’s Executive Vice President and Chief Financial Officer.

“By consolidating all global functions on our Goose Island campus, we will create an open office environment that supports the innovation, collaboration and creativity that will drive our continued growth.”

So, what will become of Wrigley the building on Michigan Avenue? The iconic Chicago real estate, which has not been designated a historic landmark, will become only about 35 percent occupied once Wrigley the company leaves.

Of course, Wrigley the company says it never occupied more than 40 percent of the building anyway.

The 1920s tower is in dire need of upgrades. The Wrigley group said it will seek out re-development opportunities while maintaining the historic Chicago real estate’s architectural features and name.

Wrigley’s Chicago real estate agent, Jones Lang LaSalle, could be ultimately involved in a joint venture or sale of the building.

“The Wrigley Building is much-loved by both Chicago residents and visitors,” said Gamoran, “and we understand its importance to the community.”

Stay tuned.

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