Blackstone has agreed to pay $1.3bn for the Willis Tower in Chicago, a record price for such a building.
Blackstone said it is bullish on Chicago, and plans to spend up to $150m on improvements to the tower’s retail area and its observatory. The latter, located on the 103rd floor of the 110-storey building, is one of the city’s main tourist attractions.
The building, formerly known as the Sears Tower, was built in the 1970s. It was sold in 2004 for $841m.
