$500 Million Investment Will Reinforce Willis
Tower as a Global Destination with Unprecedented Office Amenities
and Unique Retail and Entertainment Experiences
Mayor Rahm Emanuel today joined Blackstone (NYSE:BX) and Equity
Office, an office portfolio company owned by Blackstone’s real
estate funds, to announce visionary plans for Willis Tower in
downtown Chicago, an architectural icon and one of the world’s
tallest buildings. Through a $500 million investment, Willis Tower
will be transformed and reinforced as a civic destination and the
premier workplace with unprecedented office amenities, and
unique retail and entertainment experiences. The transformation
will be the first major renovation in the building’s 43-year
history, creating a modernized Willis Tower.
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“With this historic investment the Willis Tower will remain a
vibrant and modern icon that inspires both young and old for
generations to come,” Mayor Emanuel said. “But more than that –
today Blackstone is doubling-down on its confidence in the future
we are building in the city of Chicago.”
“Willis Tower has always been iconic within Chicago’s skyline
and around the world,” said Jon Gray, Global Head of Real Estate,
Blackstone. “The investment we announced today is the largest
Blackstone has ever made in reimagining one of its properties. Our
goal is to restore Willis Tower to its original prominence and make
it a must-visit destination in Chicago for tenants, local residents
and tourists. This investment sets a bold new standard for office
environments and urban centers around the world and underscores our
commitment to the development of the city of Chicago.”
As part of the transformation, approximately 460,000 square feet
of existing space within the Tower will be reconfigured. This
includes 150,000 square feet of space for exclusive tenant use,
including a full-service fitness center, expansive tenant lounges,
private event space and concierge services to create an inspiring
and energetic work environment. The plan also calls for more than
300,000 square feet of new retail, dining and entertainment space
to be added to the base of the building, and a new
30,000-square-foot outdoor deck and garden space.
The Willis Tower transformation will offer a new generation of
visitors the ultimate combination of sleek design and comfort, and
openness and intimacy. The retailers and attractions added to the
building will bring together local culinary stars and
first-to-market restaurants, introducing exciting new flavors from
faraway places, wines from around the world, craft beer from the
neighborhoods, and the best local boutiques and global brands.
Part of the investment will also focus on enhancing the Tower’s
103rd floor Skydeck Chicago experience, which currently welcomes
1.7 million national and international visitors annually, to create
a world class and one-of-a-kind family entertainment experience.
Work to transform the Tower is scheduled to begin this month, and
will create an additional 2,500 jobs.
“We are pleased to be in the position to draw on Bruce Graham's
original inspiration for this Tower, and to have the opportunity to
harmonize his enduring vision with the changes that have since
occurred in the city and its neighborhoods, and in the nature of
the way we use urban environments for work, life and play,” said
Eli Khouri, President and Chief Executive Officer, Equity Office.
“Our goal is to remain true to his vision, by making the Tower the
most coveted workplace in the city as well as a compelling public
destination, and a source of civic pride for Chicago's citizens.
Against that backdrop, the project provides the perfect platform to
showcase Equity Office's ability to create best-in-class work
environments that drive value for successful organizations.”
The Tower's transformation will include a new three-story
transparent, glass structure set atop the existing stone plaza
welcoming visitors and offering a ‘see and be seen’ experience that
invites people to engage, linger and enjoy the streetscape. Below
the glass facade will be three subterranean floors organized around
a three-story winter garden crowned with a dramatic glass skylight,
which will provide unobstructed views of all 110 floors of the
tower rising above.
Designed in the 1960s, Willis Tower, like its contemporaries,
was built atop a base to separate the urban streetscape from the
building, and to minimize the number of people walking along the
sidewalk. The new plans break this barrier, blending the building
into the city it calls home and re-energizing the downtown
area.
“Once complete, the reimaged Willis Tower will bring a new
energy to Chicago’s central business district, creating a lively
neighborhood center where people will work, spend time and enjoy
the best of the city,” said Paul Kurzawa, Managing Director –
Development, Equity Office, who is overseeing the redevelopment.
“The new Willis Tower will raise the boundaries of architectural
excellence and represent the pinnacle of deeply livable work
environments in the city of Chicago as well as urban centers around
the world.”
Blackstone and Equity Office’s vision for the new Willis Tower
was brought to life by the Chicago office of Gensler, a global San
Francisco-based design firm. Gonzalez Architects designed the
tenant-only office amenities, and Los Angeles-based Hetzel Design
is overseeing the design concepts for the Skydeck enhancements.
Design-build firm Turner Clayco will oversee the construction of
the new Willis Tower.
COMMUNITY COMMITMENTS
To further deepen the relationship between Willis Tower and the
city it calls home, at the event, Equity Office announced that it
will offer 5,000 Skydeck tickets annually to Chicago Public
Schools, so that children from communities across Chicago can
experience the Tower’s Observation Deck on the 103rd floor.
Equity Office also announced a $100,000 donation to Project
Pipeline, a program sponsored by the Illinois chapter of the
National Association of Minority Architects (I-NOMA) that is
designed to educate, inspire and mentor minority students as they
matriculate through the rigors of becoming a licensed architect.
Equity Office’s donation will enable Project Pipeline to double the
number students served by their hallmark “architectural summer
camp” program, increase scholarship funding for the program and
establish an 8 week design-build program for high school age
students who will work to rehabilitate a community space in
Chicago. More information about the Project Pipeline can be found
at: www.i-NOMA.org.
BLACKSTONE CHARITABLE FOUNDATION
Mayor Rahm Emanuel and Blackstone’s Jon Gray also announced the
Blackstone Inclusive Entrepreneurship Challenge, a three-year pilot
program that will award up to $3.4 million in grants to innovative
organizations that effectively recruit and support diverse
entrepreneurs and scale start-ups in the Chicago area. Chicago has
been chosen as the first city for this pilot program. The
application, criteria and eligibility requirements for the
Blackstone Challenge are available at:
www.blackstonechallenge.org.
Renderings of the redesign can be downloaded here:
www.WillisTower.com.
About Blackstone
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our asset management
businesses, with over $360 billion in assets under management,
include investment vehicles focused on private equity, real estate,
public debt and equity, non-investment grade credit, real assets
and secondary funds, all on a global basis. Further information is
available at www.blackstone.com. Follow Blackstone on Twitter
@Blackstone.
About Equity Office
The Equity Office portfolio, encompassing approximately 58
million square feet of Class A office space throughout the U.S., is
rich with signature properties in the nation’s leading gateway
markets. The company focuses heavily on meeting the current trends
and changing strategic needs of companies and our chosen markets.
With an average tenure of over 25 years in the real estate
industry, our regional leaders also head teams with deep experience
across the board from investment and asset management, to property
management, development and construction. As an affiliate of
Blackstone, a pre-eminent global asset manager providing
significant financial strength and long-term stability, we are
extremely well capitalized. Please visit www.equityoffice.com for
more information.
About Willis Tower
Standing 1,450 feet and 110 stories tall at 233 S. Wacker Drive,
Willis Tower offers more than 4.5 million square feet of premiere
office, retail and entertainment space. Debuted in September 1973
as the Sears Tower, today more than 100 prominent businesses call
Willis Tower home, including financial services, law firms and
insurance companies. America’s iconic skyscraper is centrally
situated between the city’s financial and cultural hubs and the
dynamic West Loop, home to some of the Windy City’s top shops and
restaurants. Boasting spectacular Chicago and Lake Michigan views
reaching nearly 50 miles on a clear day, the 103rd floor Skydeck
Chicago is the highest observation deck in the United States.
Featuring The Ledge, a first-of-its kind attraction that extends
four glass viewing boxes beyond the structure itself to create an
unforgettable viewing experience, Willis Tower attracts more than
1.6 million visitors per year. For more information, please visit
willistower.com / theskydeck.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170201006225/en/
MEDIA:For Blackstone:Paula Chirhart,
212-583-5011Paula.chirhart@blackstone.comorFor Equity Office:HL
GroupJennifer Little, 646-460-8936Jlittle@hlgrp.comorFor Mayor’s
Office:Grant Klinzman, 312-744-3334press@cityofchicago.org
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