News
Goldman Sachs Prepping Willis Tower Refinancing As CMBS Offering
March 8, 2017
Willis Tower, Chicago
Goldman Sachs filed paperwork with the Securities and Exchange Commission so that it may back Blackstone Group's $1.5B refinancing of Willis Tower via a CMBS offering. The amount of the offering was not disclosed, according to CoStar.
What the filing does reveal, however, is an appraised value of Chicago's tallest building: $1.5B, or $397/SF. Blackstone bought the skyscraper in June 2015 for a record $1.3B. The CMBS filing also projects that Blackstone's $500M renovations to Willis will increase the asset's value to $2.4B by February 2021.
Goldman Sachs will issue bonds backing the refinancing called Chicago Skyscraper Trust 2017-SKY. The CMBS trust will hold three promissory notes secured by a first-lien mortgage.
