17 March 2015 Insurance

Blackstone buys Chicago’s Willis Tower

Private equity group Blackstone is set to acquire Chicago’s Willis Tower.

According to a source, Blackstone will buy the 3.8 million square-foot office building from 233 South Wacker for $1.3 billion.

At 110 stories, the Willis Tower is the second-tallest office building in the US and the fifth-tallest office building 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.”

A representative of 233 South Wacker said: “This is simply a unique asset in real estate in the United States and has been an excellent investment for us. We are very happy that Blackstone is buying it and know that they will continue to be an excellent steward of this world-famous building.”

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