Blackstone has agreed to buy Chicago’s Willis Tower with plans to upgrade the space with a bet on growth in the city. The purchase price was $1.3 Billion, a record for a Chicago office building. Blackstone’s Real Estate Group Managing Director stated their bullish stance on the city and its potential. Prices for office buildings in business districts have jumped 139% from a January 2010 low.
The strategy being implemented by the group is to improve both the operations and tourist experience for one of the most popular destinations in Chicago. The company plans on spending as much as $150 Million on the office building to improve the retail portion and 103rd-floor observatory of the building.