Blackstone Could Face Challenge if It Tries to Exit Investment in Chicago’s Willis Tower
Source: CoStar News
Author: Ryan Ori
Date: February 10, 2026
Blackstone’s ownership of Chicago’s Willis Tower may be difficult to unwind after more than a decade of investment in the iconic skyscraper.
The firm bought the tower in 2015 for $1.3 billion and has since invested heavily in renovations, amenities, retail space, building systems, and the Skydeck experience.
Key Investment Challenge
A potential sale or loan assumption would be complicated by the scale of the property’s debt, current office-market conditions, higher borrowing costs, and uncertainty around office valuations.
The building carries more than $1.3 billion in CMBS debt, making any transfer or assumption unusually large.
Building Performance
Willis Tower is not described as financially distressed. The property continues to generate significant revenue, including income from office leasing, Skydeck Chicago, retail, and broadcast antennas.
However, floating-rate debt has reduced cash flow after debt service.
Market Context
The article notes that downtown office values remain difficult to determine because of remote-work trends, reduced liquidity, and broader challenges in urban office markets.
Willis Tower is especially hard to value because of its size and multiple revenue streams.
Potential Exit Paths
Possible strategies could include a sale, loan modification, joint venture, partial-interest sale, REIT structure, or separating different revenue-generating components of the property.
Original article published by CoStar News.