Wrigley Building To Be Sold For $225M To Chicago Billionaire

CHICAGO, IL — Another of the city's iconic buildings is changing ownership. The Wrigley Building will be sold to a Chicago billionaire for a $225 million.

Joe Mansueto, founder of investment research firm Morningstar, will buy the historic riverfront property at 400-410 N. Michigan Ave., from an ownership group that includes majority investor BDT Capital Partners, according to Crain's Chicago Business. That group looks to earn a substantial profit from the sale. It bought the Wrigley Building for $33 million in 2011.

Financial details of the the deal weren't known, according to Crain's. But real estate website Curbed Chicago put the sale price at around $225 million.

RELATED: Wrigley Building Could Be Up For Sale For More Than $200M

Built in 1921, the two-towered, terra cotta-tiled Wrigley Building was the headquarters for the chewing gum company for years before its move to Goose Island offices. The riverfront building was the first in Chicago to have air conditioning, and it was named a Chicago landmark in 2012.

The current owners, which also includes Groupon co-founders Brad Keywell and Eric Lefkofsky, spent $70 million to renovate the 472,000-square-foot building and added retail tenants, such as Walgreens, Peet's Coffee and Ghirardelli. Most of the building's office space is currently leased, and only two retail spots are vacant.

More via Crain's Chicago Business and Curbed Chicago

The Wrigley Building (Photo by Scott Olson | Getty Images News | Getty Images)