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Blackstone Group, a private equity firm, is set to purchase the Willis Tower in Chicago—formerly known as the Sears Tower—for $1.3 billion. Excluding New York, the record-breaking price is the highest amount that has been paid for an office tower within the United States.
Currently the second tallest office building in the U.S., the Willis Tower acts as a strong tourist attraction. The most popular attraction among tourists is the Skydeck which attracts 1.5 million tourists each year, according to its website.
One main component of the Skydeck is the Ledge. Similar to the Grand Canyon Skywalk, the Ledge features a glass box that extends away from the building. Blackstone hopes to strengthen the tourist appeal as opposed to the office building aspect. They aim to make this happen by revamping the Skydeck among other Willis Tower attractions.
The major purchase puts Blackstone in the spotlight once again. It was recently highlighted by the New York Times for its involvement with landlord loans. Private equity firms like Blackstone are becoming an increasingly popular option for financing to small investors interested in single-family homes.
Earlier this week, it was also revealed that Blackstone could possibly buy an approximate 40 percent stake in DLF’s Cybercity in the Gurgaon district of India although talks are in an advanced stage.
According to EconomicTimes.com, the potential deal would make Blackstone the “single largest owner of commercial property” in India. With the recent purchase of the Willis Tower, it seems that Blackstone could be breaking another record in the near future with Cybercity.