Chicago's Tallest Skyscraper Sold For $1.3 Billion

(RTTNews) - Private equity firm Blackstone Group L.P. (BX) has agreed to buy Chicago's Willis Tower, as the company plans to improve the building's retail operations and revamp the observation deck.

Blackstone has agreed to pay $1.3 billion, according to reports. Willis Tower is the second-tallest office building in the United States and the fifth-tallest office building in the world.

"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. "We see great potential in further improving both the building's retail operations and the tourist experience for one of the most popular destinations for visitors to Chicago."

Willis Tower features a popular tourist attractions Skydeck on the 103rd floor, which gives tourists views of Chicago and the surrounding area including from the "Ledge", glass cubes which extend from the building. The company plans to revamp the observation deck again, taking cues from the growing popularity of such decks, which experts attribute to rising tourism and changing cultural preferences.