Blackstone Group LP agreed to buy Chicago’s Willis Tower, the second-tallest building in the U.S., and plans to upgrade the retail and observatory space in a bet on growth in the city. [...]
On a per-square-foot basis, the valuation for the more than 40-year-old Willis Tower is lower than deals for newer buildings. The Blackstone price is about $342 a square foot, based on about 3.8 million square feet (353,000 square meters) of rentable space. — bloomberg.com
Chicago’s Willis Tower, once the world’s tallest building and one of the city’s top tourist attractions, is up for sale. [...]
The 1,450-foot (442-meter) building, formerly known as the Sears Tower, is the second-tallest in the U.S., and was the world’s highest from its completion in the early 1970s until 1998 [...]
“It’s iconic in the size and how it dominates the skyline, [...] As an office building, however, it’s 1970s construction.” — bloomberg.com
Despite the reassuring rivets in the 1,500-pound glass panels, the calm stillness of the air at the Windy City’s pinnacle and the security of a 10,000-pound weight capacity for each of the four 4.3-foot-deep glass boxes that protrude past the sheer edge of the Western Hemisphere’s tallest building — despite all that, you still feel twinges of queasiness. — nytimes.com
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