Earlier this week, Blackstone announced that it will be investing about $500 million in renovating Chicago’s Willis Tower.
Earlier this week, the Blackstone Group LP announced that it will be investing about $500 million in renovating and updating the iconic Willis Tower in Chicago.
Willis Tower is also known as the Sears Tower. Situated in Chicago, it was once the tallest building in the world. It held the title for almost 25 years. Presently, it is the second-tallest building in the United States. And the 14-th in the world.
The Willis Tower opened in 1973. It is a 1,450-foot tall building. The building has 110 stories. It is one of the most visited local landmarks. Over one million people are estimated to reach its observation deck each year. And now, the building will be going through a renewal.
Presently, the skyscraper is administered by the Blackstone Group LP. On February 01, the company released an announcement. In it, it stated its wish to invest in a renewal of the Sears Tower.
They are planning on investing an estimated $500 million in the skyscraper. Blackstone also offered some renovation details. The Willis Tower will be going through its first major renovation.
It will also be the company’s largest investments in one of its buildings. This is according to Jon Gray. He is the chief real estate officer.
Blackstone is planning on reconfiguring some of the existing spaces. This will target an almost 460,000 square feet area. The space already hosts various services. It includes event spaces and lounges. And even one of the resident fitness centers.
Following the renewal, the Willis Tower will also expand. It will be gaining over 300,000 square feet. These new areas will host different services. A new retail will be added. And also new entertainment and dining areas. These 300,000 square feet will be added at the base of the skyscraper.
The building will also feature a new, 30,000-square feet outdoor garden and deck area. Still, the existing outdoor spaces will not be forgotten. Sears Tower’s Skydeck Chicago will also see some improvements.
This latter is one the tower’s main attraction. It is situated on the 103rd floor of the Willis Tower. According to the statement, it receives 1.7 million visitors each year.
A new glass structure will be added to the entry plaza. The project proposes a three-story tall such structure. Beneath it, there will be three underground floors. These will be organized around a new winter garden.
The Willis Tower will go through a quite serious renewal. According to the Blackstone statement, the company is hoping to attract new visitors. And it is also trying to attract new tenants.
Currently, 85 percent of the building is occupied. United Airlines is its largest tenant. The airline company moved in back in 2013.
Blackstone acquired the Willis Tower back in 2015. It offered $1.3 billion for the skyscraper. This was a local record sum paid for an office building. The skyscraper received its current name in 2009. Until then, it was officially called the Sears Tower.
Now, it is called the Willis Tower after the Willis Group. The company has a lease on a part of the tower. The fate of the “Universe” statue is as yet unsure. Designed by Alexander Calder, it does not appear in the presented renovation plan. An official mention as to its fate has yet to be released.
Image Source: Wikimedia
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