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Blackstone to buy Willis Tower for $1.3B

The price was $1.3 billion, a record for a Chicago office building.

By Hui-yong Yu, Bloomberg | Updated on March 16, 2015
Chicago's 110 story, 1,450 foot Willis Tower. (AP Photo/M. Spencer Green)

(Bloomberg) — Blackstone Group LP agreed to buy Chicago’s Willis Tower, the second-tallest building in the U.S., with plans to upgrade the retail and observatory space in a bet on growth in the city.

The price was $1.3 billion, a record for a Chicago office building, according to Blackstone executives. The sellers of the 110-story skyscraper, formerly known as Sears Tower, are a group including New York-based investors Joseph Chetrit and Joseph Moinian, and American Landmark Properties Ltd.

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