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Morgan Stanley to Blackstone’s Willis Tower in Chicago
Morgan Stanley is set to take 125,000 square feet at Blackstone Group’s 110-story Willis Tower in Chicago. The New York-based financial giant is reportedly relocating from 70 W. Madison St. beginning in mid-2019.
The deal would rank as the largest new tenant lease signing at the property since Blackstone acquired it in 2015 for $1.3 billion, and subsequently initiated a nearly $550 million redevelopment effort. It would also bring the 3.8-million-square-foot tower closer to lease-up, as Equity Office said the building was 90% leased before the Morgan Stanley deal. Other notable tenants at the tower include the parent of United Airlines, which has 855,655 square feet, and law firms Schiff Hardin (181,000 square feet) and Seyfarth Shaw.
The renovation includes a major expansion of retail space, a new fitness center, rooftop deck, tenant lounges and remodeled elevators.
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- ◦Lease