Larry Krueger

Managing director, Wanxiang America Real Estate Group

Behind the scenes, the Krueger-led U.S. real estate arm of a Chinese auto parts manufacturer has become a meaningful source of money in Chicago development. Krueger helped launch Wanxiang’s U.S. real estate business in 2010. By 2019, he said it had invested more than $600 million into about $4 billion-worth of projects.
The major local developments Krueger and Wanxiang have backed include 300 North Michigan Avenue, the BMO Tower office property at 320 South Canal Street, and One Chicago at 14 West Superior Street, plus the redevelopment of 50 Prudential Plaza and a River North hotel renovation alongside Mike Reschke’s Prime Group.
It’s a financier’s résumé built on being early, steady and willing to write checks others won’t.
But not every bet has aged well. Wanxiang has been forced to put over $50 million into the Prudential Plaza, not only to keep the property updated for office tenants but also to placate a lender as a massive debt package came due. Last year, Wanxiang handed back the keys to another lender on a small office property in suburban Bannockburn.
Before Wanxiang, Krueger spent 19 years as an executive at Dallas-based real estate investment firm Prentiss Properties Trust until it was sold in 2006.
— Emma Whalen