founder and executive chairman Joe Mansueto
may be about to become a real estate baron, too.
Mansueto has agreed to shell out $255 million to buy an iconic Chicago building, the Chicago Tribune reports
. Crain's Chicago Business broke
the news that Mansueto had agreed to buy an ownership stake in the Wrigley building from a group of venture partners led by BDT.
and the Real Deal
also reported on the deal.
According to the Tribune
, that $255-million price tag is nearly eight times the $33 million the building sold for back in 2011. And the deal was direct, without a commercial real estate brokerage being involved, the paper says. The rumor was that, after the 2011 deal, the BDT-led venture then put $70 million into renovating the building and getting it mostly full of tenants. Mansueto has been a client of BDT, Crain's
Morningstar's headquarters is in Chicago, and Crain's
notes that the investment research giant's lease there runs through 2023.
Morningstar's market cap currently stands at $5.1 billion, so Mansueto's 55-percent stake is worth $2.805 billion. Forbes estimates
Mansueto's current net worth at $3.1 billion.
Neil Anderson, Managing Editor
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