Willis Tower Sells for $1.3 Billion

willis tower sears tower chicago

New Yorkers Joseph Chetrit and Joseph Moinian and Skokie-based American Landmark Properties bought the 110-story building in 2004 for $840 million.

Crain’s Chicago predicted the tower would fetch $1.5 billion, but $1.3 billion is still a nice payday for the sellers.

Blackstone Group purchased the Willis Tower this weekend for $1.3 billion, reports the Wall St. Journal.

“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,” Jacob Werner, a managing director in Blackstone’s real estate group, said in a Monday statement.

Blackstone’s purchase price of $1.3 billion is, according to Crain’s Chicago Business, set to become the highest ever paid for a U.S. office building outside Manhattan.

Leave a Reply

Your email address will not be published. Required fields are marked *