CHICAGO – Blackstone Real Estate Partners VII has agreed to acquire Chicago’s Willis Tower for $1.3 billion.
Formerly known as Sears Tower, the 110-story Willis Tower is a 3.8 million square-foot office building and ranks as the second-tallest office building in the United States and the fifth-tallest in the world.
Jacob Werner, a Managing Director in Blackstone’s real estate group, said, “We are delighted to be acquiring this iconic building on behalf of our limited partners. We are bullish on Chicago as companies expand within and move into the city and look for first-class office space. Moreover, we see great potential in further improving both the building’s retail operations and the tourist experience for one of the most popular destinations for visitors to Chicago.”
Douglas Harmon of Eastdil Secured, who was the exclusive representative on the transaction.
The building was completed in 1973 and was renamed Willis Tower in 2009.