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.
