Blackstone Reveals $500m Renovation Plan for Chicago’s Willis Tower

Company - Pavan Pandey - Feb 02,2017

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blackstone reveals 500m dollars renovation plan for chicago willis tower

On Wednesday, American Financial Service Company, Blackstone Group LP said that it will invest $500 million to overhaul Chicago’s 108-story skyscraper, Willis Tower.

According to the statement by Blackstone Group, the makeover of the 108-sotry skyscraper will be the very first most important renovation in its 43-year history.

The Global Head of Real Estate, Jon Gray said in a statement that the investment is the largest the firm has made in one of its properties. He further added that the Willis Tower has always been iconic within city’s skyline and around the globe.

The New York City-based financial service corporation, Blackstone, plans to reconfigure approx. 42,700 sq. meters (460,000 sq. feet) of present space, including facility such as lounges, event space and fitness center for tenants. The blueprint also calls for more than 300,000 sq. feet of new retail, entertainment and dining areas to be added to the base of the skyscraper and a new 300,000 sq. feet outdoor deck and garden.

According to a spokeswoman of Blackstone Group LP, the price tag creates the refurbishment of the Chicago’s most noticeable skyscraper one of the most luxurious building makeovers in the United States commercial real estate. The renovation work is scheduled to start this month and be finalized in the year 2019.

According to the Blackstone, the world’s biggest alternative asset manager, bought the Willis Tower in 2015 for a $1.3 billion deal. 
The skyscraper was completed in 1973; the 1450 foot and 108-story building was the world’s tallest skyscraper until 1998, when Petronas Towers unlocked in Kuala Lumpur, Malaysia.

The Willis Tower is the second highest building in the US behind the One World Trade Center in the New York.

A statement from the company and Mayor of Chicago, Mr. Rahm Emanuel stated that as part of the inclusive renovation, nearly 460,000 sq. feet of present space within the skyscraper will be reconfigured.