Groupon buys historic building
The famous discount and group buying website will spend around US$40 million to acquire a sophisticated twin-tower complex, the current headquarters of Wrigley 7 Co.
The founders of Groupon Inc., a website specializing in discounts and group buying, are in advanced negotiations to purchase the historic Wrigley Building in Chicago. The group wants to establish its headquarters there, as well as a startup incubator.
The twin-tower complex on upscale Michigan Avenue, built between 1921 and 1924 and inspired by Seville Cathedral, is being vacated by its owner, Wrigley & Co. The owners of Groupon, Brad Keywell and Eric Lefkofsky, will have to shell out between US$35 million and US$45 million to acquire the building.
Groupon employs two thousand people in Chicago and filed for an initial public offering (IPO) in June. Analysts say the company is valued at around US$4 billion. This information comes from Dow Jones.