Tag Archives: iconic

Mansueto Characteristic Purchases Iconic Wrigley Building for $255 Million

The renowned Wrigley Structure– one of the most famous in the world– is now in the hands of Chicago billionaire Joe Mansueto, whose new realty investment company Mansueto Characteristics purchased the historical two-building landmark for $255 million recently.

Perched at the corner of Michigan Avenue and the Chicago River at 400 and 410 N. Michigan, the structure, clad in white terra-cotta, is amongst the most identifiable in the city and on Chicago’s premier commercial district, the storied Spectacular Mile.

As the first high-rise building on Michigan Opportunity, the Wrigley Structure and its signature bell tower, styled after the Giralda Tower of the cathedral in Seville, Spain, poses as a gateway between the Gold Coast, the Loop and River North. Mansueto, the founder and executive chairman of Morningstar, the investment research firm, paid a 672 percent premium to the $33 million it last sold for in 2011.

“Located at the new center along the Chicago River, the Wrigley Structure stands high as a clear symbol of our city’s rich history,” Mansueto said in a statement. “We are dedicated to maintaining the tradition of this building and guaranteeing that it remains an essential part of Chicago’s development well into the future.”

Legend has it that chewing gum tycoon William Wrigley, Jr., called “Beau,” was so wide-eyed by the renowned White City of the World’s Columbian Exposition held in Chicago in 1893 when he was a kid, that he desired his namesake headquarters to show that aura. The glazed terra cotta has six different tones of white that ended up being brighter as the building increases. The fa├žade, whose white stone and gold information are cleaned frequently, is lighted during the night, producing a glow of the spacious plaza just steps from the river. Graham, Anderson, Probst & & White designed the structure, which sits across Michigan from another historic terra-cotta landmark, The Tribune Tower.

Considering that 2011, the Wrigley Building has undergone a $91 million remodelling by the sellers, a financial investment group led by BDT Capital Partners that also included Zeller Realty Group and Groupon founders Eric Lefkofsky and Brad Keywell. They bought the residential or commercial property from Mars Inc., which obtained it in its purchase of the William Wrigley, Jr. Co. in 2008.

The renovation of the 2 towers, which are connected by enclosed bridges at the 3rd and 14th levels, was sweeping, with a redesign of the general public areas, including must-have amenities for today’s office space that consist of a cafe, health club and occupant lounge, in addition to comprehensive facilities improvements.

The structure, which has approximately 311,000 square feet of rentable area, is nearly 95 percent leased – a considerable improvement from the 19 percent tenancy it had prior to the remodellings started. The Perkins + Will architecture firm is the largest tenant, at nearly 69,000 square feet in a lease that extends until 2026, inning accordance with CoStar research study.

The offer is stated to have been done in between Mansueto and Byron.

For additional information on the deal, please see CoStar Comp # 4343923.

Expansive Elders Real Estate Neighborhood Planned for Iconic Presidential Tower in Atlanta

Peacock Collaboration Gets Landmark Circular Tower Along Atlanta’s Boundary, Will Redevelop Into Among the Largest Seniors Housing Communities in Metro Atlanta

Atlanta’s iconic however forgotten circular tower on the Boundary has actually been offered to a regional group that prepares to convert it to a seniors real estate community.

Peacock Collaboration closed on the 15-story, 165,000-square-foot Presidential Tower at 4001 Presidential Parkway at Interstates 285 and 85, likewise called Spaghetti Junction. Peacock plans to transform the former hotel space into one of the biggest senior citizens housing communities in city Atlanta.

Greystone Brown Realty Advisors, which represented the seller, Hays Financial Consulting, announced the sale Wednesday. Terms of the deal were not disclosed.

The sale implies Presidential Tower, which went from being a local landmark to an irritating eyesore to its neighbors, will be born-again.

Taylor Brown, director at Greystone Brown, said the transaction took 5 years to work out with the private condo owners at Presidential Tower. Brown said transforming the building to in-demand elders real estate will benefit the community. “This home will once again be a shining beacon for those taking a trip through Spaghetti Junction in Atlanta,” he said.

Built in 1973, the circular structure drew immediate attention and unavoidable contrasts to the Capitol Records Building in Hollywood. For several years, it ran as the Presidential Hotel and after that as the Presidential Boutique Condotel when some units were offered as workplace condos.

However the structure fell into disrepair after its owners contested paying expenses and government fines. It’s been uninhabited for several years.

So long, Vickie: Iconic Fremont Street indication riding into the sunset

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Steve Marcus Vegas Vickie, a Fremont Street landmark since 1980

Another Las Vegas landmark will disappear June 12 when downtown casino owner Derek Stevens takes apart the iconic neon indication Vegas Vickie to make method for a brand-new Fremont Street resort.

The kicking neon cowgirl is presently perched above the closed strip club Ladies of Glitter Gulch.

It will be taken apart so Stevens, CEO of the D Las Vegas and Golden Gate, can develop the project that will replace the Las Vegas Club in addition to the Shine Gulch structure and the Mermaid’s casino. Stevens and his brother Greg purchased the residential or commercial properties in 2016.

According to a news release about the elimination, Vegas Vickie was originally named Sassy Sally when Glitter Gulch was a casino owned by Bob Stupak. The indication was produced in 1980 by Ad Art’s Jack Dubois and Charles Barnard. The indication acquired nationwide attention in 1994 when she “married” her nearby neon cowboy, Vegas Vic, who currently stands over the former Pioneer Club building.

“Vegas Vickie has brought pleasure to many people from worldwide, and we hope locals and tourists alike will come by to take an image with her one last time,” said Nevada Stupak, Bob Stupak’s son.

Stevens did not state what he was planning to do with the indication except to say, in the press release, that he is searching for “the very best house possible.”

He is not, nevertheless, considering donating the sign to the Neon Museum, located on Las Vegas Boulevard, a few blocks north of Fremont Street.

The museum homes numerous other examples of well-known Las Vegas neon indications and traveler structures donated by casino operators when they built brand-new resorts, consisting of the La Concha Motel lobby, a shell-shaped structure that when rested on the Las Vegas Strip.