Blackstone Drops Record $1.3B on Chicago’s WIllis Tower

Prepare for another name change, Chicago, now that Blackstone is set to purchase skyline-dominant Willis Tower for $1.3B, according to Bloomberg. The 110-story tower was sold by a collective of investors, including Joseph Chetrit and Joseph Moinian, and American Landmark Properties. The city will have to prepare for a tower facelift too—Blackstone is looking to spend about $150M to upgrade its retail portions and somewhere in the region of $103M to revamp the observatory. Interestingly, while the price may be a record for a Chicago office building, it’s not the priciest Windy City transaction: Blackstone paid $342/SF for Willis Tower, which pales in comparison to the $642/SF JLL paid for 300 N LaSalle last year. [Bloomberg]

Time travel with us to see how the Willis Tower has fared over the years.

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

Broward Lures Office Tenants Away From Miami-Dade

Gaming & Leisure Stays Bullish On Bally's Casino Project Despite Delays

ISIF Commits €100M To IPUT's €500M Office Development Pipeline

Morningstar Releases New Details On Over 350K SF In Q3 Office Leases

Weil Gotshal Wind-Down Leaves 830K SF Hole In America's Office Market

'Distress Is Finally Trading': Investors Chasing Big Discounts On Boston Office

New Bears Stadium Proposal Floated For Bridgeport

Office Recovery Moving Faster Than Expected, CoStar Finds

How Microsoft, Coca-Cola And Amazon Are Adapting Their Offices For AI Age

Hof Wonen Acquires 251 Social Rental Houses In New Mixed-Use Project In The Hague

Related, Oxford Land Tenant For Top Floors Of 70 Hudson Yards

BXP Execs See Better Returns In Building Offices Than Buying Them