Blackstone to Buy 2nd Tallest Building in U.S.
At $1.3bn, The Blackstone Group is set to become the next owner of the iconic Willis Tower (formerly the Sears Tower) in Chicago, IL. The group selling the building, bought it for $841mm in 2004.
A few links with deal specifics:
Frequently Asked Questions about Blackstone’s Acquisition of the Willis Tower
What property did Blackstone agree to purchase?
Blackstone has agreed to purchase the Willis Tower in Chicago, IL—formerly known as the Sears Tower—the second tallest building in the U.S..
What is the purchase price for the Willis Tower?
The purchase price is $1.3 billion, which represents a significant increase from the $841 million the sellers paid in 2004.
Why is this acquisition significant?
The deal sets a record valuation for a U.S. office building outside of New York, reflecting continued investor confidence in iconic real estate assets located in major metropolitan areas like Chicago.
Who is selling the Willis Tower to Blackstone?
The group of investors currently selling the building acquired it in 2004 for $841 million. Specific names of the sellers are not provided in the summary.
Where can I find more information about the deal?
You can learn more at:
Bloomberg: Blackstone to Buy Chicago’s Willis Tower
Benzinga: Willis Tower Purchase Set a Record
Crain’s Chicago Business: Blackstone in Talks to Buy Willis Tower
