The Wrigley Building Signs New Leases with Brainlab and Shazam
Leasing momentum for historic Chicago property increases occupancy 30 percent over last eight months
Chicago (May 15, 2014) – The Wrigley Building (www.thewrigleybuilding.com) has signed new leases totaling 11,000 SF with two technology companies—Brainlab and Shazam. Strong leasing momentum has raised the property’s occupancy rate by 30 percent in eight months with new leases totaling 115,773 SF during that period. The building’s two towers are now 53 percent leased. Contiguous leasing space is available ranging from 2,000 SF spec suites to a 60,000 SF block and a 45,000 SF block at the top of the North Tower that includes outdoor terrace space and the “Cloud Room”.
Brainlab, a medical technology company, will lease 9,379 SF in the South Tower beginning December 1, 2014. The company is expanding its presence in the Chicago area with this new office to include marketing and education staff along with a showroom for all customer visits. The education team will be relocating from its U.S. headquarters in Westchester and the marketing group from 600 W. Van Buren.
Shazam, producers of a mobile app for music and TV, is leasing 1,471 SF in the North Tower as of April. The company was previously located at 200 S. Wacker Drive. Brokers for Shazam are Christine Bauer and Tyler Hardy, JLL; brokers for Brainlab are Perry Higa and Conner Kerr, CBRE. Brokers for The Wrigley Building are Carrie Bradley with Zeller Realty Group and Karin Kraai with Newmark Grubb Knight Frank’s Chicago office.
“We are pleased that Brainlab and Shazam are joining our tenant roster,” said Ari Glass, executive vice president of Zeller Realty Group. “The Wrigley Building’s cutting-edge technology infrastructure, prime location and building upgrades have been the major factors in drawing such innovative companies to our property. Companies across a wide spectrum of industries and professions have shown great interest in locating at The Wrigley Building.”
The comprehensive makeover of The Wrigley Building at 400–410 N. Michigan Ave. includes revitalized lobbies and common areas, upgraded systems, a fitness center, tenant lounge and conference center. The plaza was redesigned with up to 70,000 square feet of retail space. More information is available at www.thewrigleybuilding.com.
The Wrigley Building is owned by a consortium of investors led by BDT Capital Partners and includes Zeller Realty Group, as well as Eric Lefkofsky and Brad Keywell personally, as minority investors.
About BDT Capital Partners
BDT Capital Partners provides family-owned and entrepreneurially led companies with long-term capital. Based in Chicago, the firm has a $3 billion investment fund as well as an investor base with the ability to co-invest significant additional capital. Its affiliate, BDT & Company, is a merchant bank that works with family businesses to pursue their long-term strategic and financial objectives. BDT & Company provides solutions-based advice and access to an extensive network of world-class family businesses.
About Zeller Realty Group
Zeller Realty Group (ZRG) provides a full spectrum of services to the commercial real estate industry, including investment acquisition, property management, marketing, tenant representation, construction and development. Headquartered in Chicago, ZRG offers investors a unique blend of insight, expertise, innovation and efficiency to find, create and enhance value in commercial real estate through strategic acquisitions, creative investment structures, and effective asset management, property management, leasing and development. Since its formation, the company has completed more than $1.5 billion of acquisition and development activity. Currently, ZRG operates a portfolio of more than 8.2 million square feet, approximately 6.2 million square feet of which is owned by affiliated entities.
Brainlab, headquartered in Munich, develops, manufactures and markets software-driven medical technology, enabling access to and consistency of advanced, less invasive patient treatment. Core products revolve around information-guided surgery, precision radiation therapy, and information and knowledge sharing that fosters interdisciplinary collaboration. Brainlab technology currently powers treatments in the fields of neurosurgery, radiosurgery/radiotherapy, orthopedics, ENT, CMF, spine, and trauma. www.brainlab.com.
Shazam is one of the world’s most popular apps that connects people to the world around them through their mobile device. When a user Shazams a song or TV show, they are able to identify, explore, purchase and share that content. One of the world’s top ten apps, Shazam reaches more than 450 million users in 200 countries, exceeds 90 million monthly active users, and is growing by over 13 million new users each month. Shazam makes it easy for people to share their discoveries on Facebook, Twitter, Whatsapp, Pinterest and Google+. And to purchase through iTunes, Amazon and Google Play. For people who don’t yet have the Shazam application on their smartphone, it is available for FREE on every major platform and can be found on iTunes App Store, Google play, Amazon App Store, and other app stores. For further information about Shazam Entertainment visit www.shazam.com and @ShazamNews. You can also follow us on Facebook or Google+. For daily music updates follow the Shazam Blog and @Shazam.
Amy Bacon Volpe, Dickinson Group, 312.504.5589, [email protected]
BDT Capital Partners Contact:
Jennifer Dunne, 312-660-7314
Zeller Realty Group Contact:
Melissa Schastok, 312-640-7609