Blackstone Group Picks Up Huge Tax Bill with Willis Tower Buy

Lightning striking Willis Tower, Chicago
Nick Suydam/Flickr

Blackstone Group paid $11.4M in state and local real estate transfer taxes last month when it completed its record $1.3B purchase of Willis Tower. That amount could have been even larger if Blackstone hadn't claimed $250M in revenue from "personal property." Willis Tower features such as the Skydeck observatory and broadcast antennas atop the 110-story skyscraper were exempt from transfer taxes because they generate revenue separate from the building's 3.8M SF of office space. Real estate attorney Sonny Ginsburg told Crain's that number is an "outlier number" but Willis Tower is unique compared to other office building and therefore the number is justified. [Crain's]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

Kroenke Announces $135M Renovation For Denver's Ball Arena

Iconic Jersey Shore Property Hits The Market For $85M As Redevelopment Play

$7B 1901 Project Unveils Renderings For Live Performance Venue

Bisnow's 2026 DEI Data Series

Lincoln Property's New Pennsylvania Head On What Types Of Deals He's Targeting

Troubled Multifamily Loans Face A Refinancing Problem: Who Puts In New Equity?

Philly's Busy Summer Created Momentum. Can The City Turn It Into Long-Term Growth?

Google Delays Thompson Center Opening To 2028, Releases New Renderings

California Investor Scoops Up Amazon Warehouse: The Chicago Deal Sheet

How Crystal Lake 'Connects The Dots' To Building Complete Community

Downtown Atlanta Improvement Group Picks Food Bank Chief As Next Leader

Trump's DEI Crackdown Is Creating New Risks For Landlords That Lease To The Government