CHICAGO— Willis Tower may be the city's most recognizable building, but it has not undergone a major renovation in its 43-year history. That will change in 2017. Equity Office, a portfolio company owned by Blackstone's real estate funds, said yesterday at a press conference with Mayor Rahm Emanuel that it would invest $500 million in the iconic structure, bringing in a unique set of amenities, along with new retail and entertainment options.
“With this historic investment, the Willis Tower will remain a vibrant and modern icon that inspires both young and old for generations to come,” Mayor Emanuel said. “But more than that – today Blackstone is doubling-down on its confidence in the future we are building in the city of Chicago.”
“Willis Tower has always been iconic within Chicago's skyline and around the world,” said Jon Gray, global head of real estate, Blackstone. “The investment we announced today is the largest Blackstone has ever made in reimagining one of its properties. Our goal is to restore Willis Tower to its original prominence and make it a must-visit destination in Chicago for tenants, local residents and tourists.”
As part of the transformation, Equity plans to reconfigure about 460,000 square feet of space within the tower. The company will redesign 150,000 square feet of space for exclusive tenant use, which will include a full-service fitness center, tenant lounges, private event space and concierge services. Equity also plans to add more than 300,000 square feet of new retail, dining and entertainment space to the base of the building, and a new 30,000-square-foot outdoor deck and garden space.
Blackstone bought Willis in 2015 for about $1.3 billion, the most ever paid for an office building outside Manhattan, and began bringing change almost immediately. Last year, the tower joined an elite group of skyline properties around the country by earning Platinum Wired Certification, the highest rating of the international standard developed by New York-based WiredScore that distinguishes best-in-class Internet connectivity. Other recipients of platinum status include the Empire State Building in New York, Columbia Center in Seattle, One Market Plaza in San Francisco and Southeast Financial Center in Miami.
Part of the new investment will also focus on enhancing the tower's 103rd floor Skydeck Chicago, which currently welcomes 1.7 million visitors annually. Equity will begin transforming the tower later this month.
Willis Tower was designed in the 1960s, and like many of its contemporaries, was built atop a base that separated the workers inside from the surrounding streetscape. But Equity plans to break this barrier, blending the building into the city and re-energizing the downtown.
“Once complete, the reimaged Willis Tower will bring a new energy to Chicago's central business district, creating a lively neighborhood center where people will work, spend time and enjoy the best of the city,” said Paul Kurzawa, managing director – development, Equity Office, who was brought on last year to oversee the redevelopment.
The Chicago office of Gensler, a global San Francisco-based design firm, brought this vision to life. Gonzalez Architects designed the tenant-only office amenities, and Los Angeles-based Hetzel Design is overseeing the design concepts for the Skydeck enhancements. Design-build firm Turner Clayco will oversee the construction.
CHICAGO— Willis Tower may be the city's most recognizable building, but it has not undergone a major renovation in its 43-year history. That will change in 2017. Equity Office, a portfolio company owned by Blackstone's real estate funds, said yesterday at a press conference with Mayor Rahm Emanuel that it would invest $500 million in the iconic structure, bringing in a unique set of amenities, along with new retail and entertainment options.
“With this historic investment, the Willis Tower will remain a vibrant and modern icon that inspires both young and old for generations to come,” Mayor Emanuel said. “But more than that – today Blackstone is doubling-down on its confidence in the future we are building in the city of Chicago.”
“Willis Tower has always been iconic within Chicago's skyline and around the world,” said Jon Gray, global head of real estate, Blackstone. “The investment we announced today is the largest Blackstone has ever made in reimagining one of its properties. Our goal is to restore Willis Tower to its original prominence and make it a must-visit destination in Chicago for tenants, local residents and tourists.”
As part of the transformation, Equity plans to reconfigure about 460,000 square feet of space within the tower. The company will redesign 150,000 square feet of space for exclusive tenant use, which will include a full-service fitness center, tenant lounges, private event space and concierge services. Equity also plans to add more than 300,000 square feet of new retail, dining and entertainment space to the base of the building, and a new 30,000-square-foot outdoor deck and garden space.
Blackstone bought Willis in 2015 for about $1.3 billion, the most ever paid for an office building outside Manhattan, and began bringing change almost immediately. Last year, the tower joined an elite group of skyline properties around the country by earning Platinum Wired Certification, the highest rating of the international standard developed by New York-based WiredScore that distinguishes best-in-class Internet connectivity. Other recipients of platinum status include
Part of the new investment will also focus on enhancing the tower's 103rd floor Skydeck Chicago, which currently welcomes 1.7 million visitors annually. Equity will begin transforming the tower later this month.
Willis Tower was designed in the 1960s, and like many of its contemporaries, was built atop a base that separated the workers inside from the surrounding streetscape. But Equity plans to break this barrier, blending the building into the city and re-energizing the downtown.
“Once complete, the reimaged Willis Tower will bring a new energy to Chicago's central business district, creating a lively neighborhood center where people will work, spend time and enjoy the best of the city,” said Paul Kurzawa, managing director – development, Equity Office, who was brought on last year to oversee the redevelopment.
The Chicago office of Gensler, a global San Francisco-based design firm, brought this vision to life. Gonzalez Architects designed the tenant-only office amenities, and Los Angeles-based Hetzel Design is overseeing the design concepts for the Skydeck enhancements. Design-build firm Turner Clayco will oversee the construction.
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