Crain's / March 11th, 2015
Crain’s reports: The Chicago record shattered by last year’s 300 N. LaSalle Street sale may soon be outdone. Blackstone Group is poised to buy the iconic 110-story Willis Tower for close to $1.5 billion. The sale would join 23 other US deals to break the billion mark, being just the fourth outside of New York and the first non-coastal property, according to global commercial real estate data and analytics firm Real Capital Analytics (RCA).
At almost $400 per square foot for the 3.8 million feet of office space, American Landmark Properties stands to fetch a healthy profit from their original purchase of $840 million in 2004. Now other comparable properties like the Aon Center are also set to hit the market.
This volume trend continues for the Chicago market, now at a seven-year high. Jim Costello, CRE and Senior Vice President at RCA stated, “With so much interest in real estate, now is the time to reap those gains — now is the time to sell that trophy asset.”