Blackstone Group is refinancing Willis Tower with a $1.3bn loan from Deutsche Bank and Barclays. Formerly known as the Sears Tower, the 110-story, 4.6 million sq ft property is the second tallest tower in the US after One World Trade Center in New York City. Blackstone is using the funds to complete a massive overhaul of the asset, including a build-out of new retail space, a fitness center, tenant lounges, updated elevators and an updated 103rd floor observation deck. Blackstone bought the building for $1.3 billion in 2015, from a partnership between Joseph Chetrit, Joseph Moinian and American Landmark Properties.
