![]() ![]() The structural steel in a building like the Willis Tower could last for thousands of years, as long as it is climate-controlled and protected from the elements. The tower was originally constructed in 1973 for the Sears Roebuck & Company headquarters, then renamed in 2009 by Willis Holding Group, who obtained naming rights as part of a lease agreement.īill’s question is based on the premise a building can become “too old.” That’s only partially true. The first generation of skyscrapers is about 120 years old, so he picked a timeframe of 150 years, figuring that the Willis Tower would be pretty worn out by then. What do we do in 150 years when our current buildings are too old? What do we do with an old Willis Tower?īill asked because he’s noticed that some of Chicago’s earliest skyscrapers - buildings he considers iconic - have been demolished recently. Which makes our question, from engineer Bill Muscat, pretty challenging: This is all to say a lot can change in 150 years. Today, 150 years later, the city’s population has grown by more than 1,200 percent, and the city’s tallest building, the Willis Tower, is more than 1,300 feet taller than the height of Chicago’s tallest building in 1866. The most memorable structure from that era, the Water Tower, was still three years from construction. When Chicago was still celebrating the end of the Civil War, the city had a population of roughly 200,000 people. ![]() On a square-foot basis, the price for the Willis Tower was about $340, a fraction of what trophy towers fetch in major cities, MarketWatch said.ĭouglas Harmon of Eastdil Secured was the exclusive representative on the transaction, Blackstone said.Editor's note: This piece was produced in partnership with the Chicago Architecture Foundation, which provided research, expertise and other assistance during its development. The building was the world’s tallest from when it opened in 1973 until 1998. The owners paid $841 million for the property in 2004. The agreement was between Blackstone Real Estate Partners VII and 233 South Wacker Drive LLC. The Willis Tower gets more than $25 million annually, and Riggs said naming rights could boost that when they expire. The Empire State Building earned nearly 40 percent of its revenue from 4.3 million visitors, or about $82 million in income after expenses. “We see great potential in further improving both the building’s retail operations and the tourist experience.”īlackstone plans to revamp the Skydeck due to the growing popularity of observation decks, MarketWatch said. “We are bullish on Chicago as companies expand within and move into the city and look for first-class office space,” said Jacob Werner, a managing director in Blackstone’s real estate group. The Skydeck includes the “Ledge,” glass cubes that extend from the Willis Tower with an unobstructed downward view because of the see-through flooring. The Skydeck attracts 1.6 million visitors annually, a draw that Blackstone hopes to build on. It’s in the West Loop, which I view as a market that has very strong long-term potential,” Riggs said.īlackstone (BX) agreed to buy the property, which features a top Chicago tourist attraction in the Skydeck on the 103rd floor, from New York investors Joseph Chetrit and Joseph Moinian and Skokie, Illinois-based American Landmark Properties, MarketWatch said. “Even though it’s an old building, it’s an iconic building. “From a risk-adjusted return basis, it’s very attractive, especially with what’s going on in other market places,” said Ken Riggs, president of Situs RERC, which does valuations of commercial real estate. office building with (0.35 million square meters) of space, and the fifth-tallest office building in the world, Blackstone said in a news release. The 110-story Willis Tower at 233 South Wacker Drive is the second-tallest U.S. office tower outside of New York, according to MarketWatch, which first reported the news. The acquisition was valued at $1.3 billion, making it the highest price paid for a U.S. ![]()
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