Blackstone Group LP agreed to buy Chicago’s 110-story Willis Tower (formerly known as Sears Tower), the second-tallest building in the U.S., for $1.3 billion. It plans to upgrade the tower to retail and add an observatory space, Bloomberg reported.
Blackstone executives say the $1.3 billion is a record price for a Chicago office building. It will spend $150 million to improve the tower’s retail portion and spruce up the 103rd-floor Skydeck observatory, which attracts 1.6 million visitors each year.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at firstname.lastname@example.org.
The sellers include New York-based investors Joseph Chetrit and Joseph Moinian, and American Landmark Properties Ltd., Bloomberg reported.
Jacob Werner, a managing director in Blackstone’s real estate group, said in a statement Monday: “We are bullish on Chicago as companies expand within and move into the city and look for first-class office space. We see great potential in further improving both the building’s retail operations and the tourist experience for one of the most popular destinations for visitors to Chicago.”