Chicago's Willis Tower Hits the Market, Could Fetch $1.5 Billion

Posted by Leo Clark. on Thursday, March 5th, 2015 at 5:41pm.

Chicago’s 110-story Willis Tower is up for sale and despite early reports saying the purchase price could exceed $1.5 billion, the Chicago Tribune now claims there might already be a buyer.  

The current owners—New York investors Joseph Chetrit and Joseph Moinian and Skokie-based American Landmark Properties—most recently tried to sell the 4.6 million square foot building back in 2011, but failed to get the offer they were seeking, most likely because it was just too early in the overall economic recovery.

Since then however, the marketplace has drastically improved, the demand for commercial property in Chicago has skyrocketed, and new high-profile leases at Willis Tower all combine to make the country’s second tallest skyscraper a unique and potentially lucrative opportunity to new investors, foreign or otherwise.   

The revamped observation deck is also seeing a spike in revenue, while to date, Chicago’s Willis Tower is currently 84 percent leased, ensuring any sale will likely be over $1billion simply based on its income.

Completed back in 1973 as the Sears Tower, the building’s owners initially bought the tower for $841 million in 2004. Further details about a possible sale have yet to emerge, but as alluded to above, it appears a deal might be on the horizon sooner rather than later.

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