National + Finance | February 10, 2017

EQ Office has implemented the cove platform at Willis Tower in Chicago and plans further rollout this summer

Blackstone to Close $1B Loan on Willis Tower

Less than two years after setting a record with its $1.3 billion buy of Willis Tower, Blackstone Group is upping the ante. Specifically, the New York-based owner is finalizing a $1 billion refinance loan for the 3.8-million-square-foot, 1,451-foot-tall tower at 233 S. Wacker Dr. Goldman Sachs is the lead lender on the debt, with others including Bank of America and Citigroup.

The new debt will replace maturing CMBS loans with a remaining balance of more than $750 million. Stephen Livaditis and Jeff Altenau of Eastdil Secured arranged the financing.

“We’re big believers in Chicago,” said Blackstone’s global head of real estate, Jon Gray, at a Feb. 1 presentation. The proof can be found in the company’s $500 million upgrade plans, which will include adding a three-story glass structure to the base of the tower. The upgrade funds are from a Blackstone fund that is separate from the $1 billion refi.

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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