has bought an iconic Chicago office tower.
The investment manager said it has bought the Willis Tower from its holding company, 233 South Wacker, for an undisclosed amount.
Blackstone bought the building for its Real Estate Partners VII fund.
Separate media reports said Blackstone has paid around $1.3bn for the asset, formerly known as the Sears Tower.
The 3.8m sqft office building is the second-tallest office building in the US and the fifth-tallest office building in the world.
Jacob Werner, a Blackstone real estate managing director, said the firm is βbullishβ on Chicago, with companies expanding and moving to the city, with demand for first-class office space.
βWe see great potential in further improving both the buildingβs retail operations and the tourist experience for one of the most popular destinations for visitors to Chicago,β Werner said.
last month said that, along with , it had jointly sold an office building in Chicagoβs central business district at 30% above market value.
Investment Management last year invested in its home city, buying an office property for Germanyβs largest pension fund group BVK.
The investment manager bought 101 North Wacker Drive from on behalf of BVKβs Bayerische Γrzteversorgung (BΓV) umbrella fund for doctors, lawyers and architects.
