Chicago's tallest building Willis Tower sells for $1.3 billion

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Chicago, Illinois (WGN) - The Willis Tower has a new owner.

The Blackstone Group is a private real estate investment team. Blackstone Real Estate Partners VII agreed to pay $1.3 billion for the tower. The company announced this morning that the papers have been signed.

The 110-story tower is the second-tallest building in America, and the fifth tallest office building in the world.

Blackstone executives plan to expand the tower's retail area, and market the 103rd floor Skydeck more aggressively.

This morning's announcement offered no hint of whether the tower will be named for Blackstone or for one of its tenants.

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Sears/Willis tower sells for $1.3 billion
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Chicago's tallest building Willis Tower sells for $1.3 billion
CHICAGO, IL - MARCH 04: The Willis Tower, formerly known as the Sears Tower, dominates the southern end of the downtown skyline on March 4, 2015 in Chicago, Illinois. The building, completed in 1973, was the world's tallest for more than two decades. It is reported to be up for sale with an asking price of $1.5 billion. (Photo by Scott Olson/Getty Images)
Chicago skyline on blue clear sky (Photo: Getty)
CHICAGO, IL - MARCH 04: Visitors leave the Willis Tower, once known as the Sears Tower, on March 4, 2015 in Chicago, Illinois. The building, completed in 1973, was the world's tallest for more than two decades. It is reported to be up for sale with an asking price of $1.5 billion. (Photo by Scott Olson/Getty Images)
A tourist is photographed on the floor of one of four transparent ledges that jut out from the 103rd floor of the Willis Tower in Chicago on Thursday, May 29, 2014. The see-through glass bays known as The Ledge were designed with a protective coating that completely covers all glass surfaces to protect against scratches. One of the coatings cracked Wednesday night when a family was standing on it. Officials say the family wasn't in danger and the coating does not affect the structural integrity of the enclosure. (AP Photo/M. Spencer Green)
The sun gleams off of the upper floors of the Willis Tower (formerly Sears Tower) in Downtown Chicago (Photo: Getty)
(Photo: Getty)
Chicago skyline View (Photo: Getty)
Glaziers from MTH Industries finish replacing a layer of protective coating over the glass surface on the floor of one of four transparent ledges that jut out from the 103rd floor of the Willis Tower in Chicago on Thursday, May 29, 2014. The see-through glass bays known as The Ledge were designed with a protective coating that completely covers all glass surfaces to protect against scratches. One of the coatings cracked Wednesday night when a family was standing on it. Officials say the family wasn't in danger and the coating does not affect the structural integrity of the enclosure. (AP Photo/M. Spencer Green)
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