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Chicago Capital Markets

Goldman Sachs Prepping Willis Tower Refinancing As CMBS Offering

Willis Tower, Chicago
Photo credit: Daniel Schwen/Wikimedia Commons
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.

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