CHICAGO—The Blackstone Group has selected the Telos Group and CBRE to reposition the office, retail and entertainment space at Chicago's iconic Willis Tower. The company closed the acquisition on June 5, and intends to begin repositioning the property immediately. Douglas Harmon of Eastdil Secured was the exclusive representative on the transaction.

Equity Office, an affiliate of Blackstone, will act as property manager for the 4.5 million square feet of space, including the Skydeck. Chicago-based Telos will reposition and lease the 3.8 million square feet of office space, and CBRE will lease the retail and entertainment complex.

Blackstone plans to significantly expand the building's retail and entertainment offerings and remake its office environment. The company wants to provide enhanced lifestyle amenities that will appeal to the city's changing workforce.

“There is no better owner than Blackstone to reignite the massive potential of Willis Tower,” Brian Whiting, president of Telos. “The building's scale, identity and history require an ownership that is well capitalized, forward thinking and very creative. We could not be happier to be part of Blackstone's vision to transform Willis Tower into Chicago's hottest office and retail center.”

“Blackstone has an incredible vision for the repositioning of the retail space at the iconic Willis Tower and we are excited to embark on this endeavor with them,” said Todd Siegel, first vice president of CBRE. “We are confident that this partnership will yield exceptional results and deliver a new standard for retail offerings in Chicago.”