Willis Tower Hits the Sales Block
- The Willis Tower is on the block
- Eliot Brown / Wall Street Journal
Now for sale: The country’s second-tallest skyscraper.
The owners of the Willis Tower – formerly the Sears Tower – are looking for buyers for the 1,451 -foot tower, a spokesman for the ownership group confirmed. The group recently tapped real estate services firm Eastdil Secured to market the 4.6 million square foot building, which is about 84% occupied.
The effort marks latest move by investors to cash in on a strong market for commercial property, as high-profile buildings in particular have become well sought-after by foreign investors.
Of course, selling such a big building could prove a tall order. The owners – New York investors Joseph Chetrit and Joseph Moinian and Skokie, Ill.-based American Landmark Properties — tried in 2011 to sell the tower, coming back empty handed as bids didn’t hit expectations, according to people familiar with the matter.
But the market at the time was still early in its recovery, and there had been few high-profile deals. In addition, the tower has secured some high profile new leases, and its revamped observation deck is among those experiencing a boom in visitation....MORE
