Willis Tower For Sale
The owners of Willis Tower are looking to sell and Chicago’s tallest building could go for as much as $1.5B (almost $400/SF for the 3.8M SF of office space), Crain’s Chicago Business reports. Ownership—Joe Chetrit, Joe Moinian and American Landmark Properties—paid a record $840M for the 1,450-foot tower in 2004 (back when we called it Sears) and has brought on Eastdil to find a buyer. It’s the right time, given the recent spate of pricey office deals (like Irvine paying $850M for 300 N LaSalle and Heitman paying $715M for 353 N Clark St) and increased foreign interest in Chicago trophy office properties, though buyers may also be enticed by the Aon Center, another super-tall on the market. The deets on Willis: 84% leased (large tenants include United and Schiff Hardin); estimated 2015 NOI of $88.6M; and there’s hotel development potential on the southwest portion of the property. [Crain's]
