Editing Willis Tower (section)

=== 21st century ===
Trizec had projected that the Sears Tower would quickly reach a value of $1&nbsp;billion. These projections were not met, with the tower facing the same vacancy and other problems it saw under Sears, although Trizec made somewhat successful efforts to attract new tenants. Following the [[September 11 attacks]], two of the largest tenants, Goldman Sachs and Merrill Lynch, immediately announced plans for vacating 300,000&nbsp;ft<sup>2</sup> of space. In 2003, Trizec sold its holdings of the tower to MetLife for $9&nbsp;million.<ref>{{Cite web|date=December 14, 2001|title=Sears Tower: Headlines|url=http://www.searstower.org/news.html#A1732723553|archive-url=https://web.archive.org/web/20011214200520/http://www.searstower.org/news.html#A1732723553|url-status=dead|archive-date=December 14, 2001|access-date=September 12, 2022}}</ref>

==== Syndicate ownership ====
In March 2004, MetLife announced that it would sell the building to a group of investors,<ref name="AP NEWS 2004">{{cite web | title=MetLife Selling Chicago's Sears Tower | website=AP NEWS | date=March 12, 2004 | url=https://apnews.com/article/ee67fc8300904659abe80fd65411caee | access-date=August 24, 2022}}</ref><ref name="Corfman 2004">{{cite web | last=Corfman | first=Thomas A. | title=Group to buy Sears Tower for $835 million | website=Chicago Tribune | date=March 12, 2004 | url=https://www.chicagotribune.com/news/ct-xpm-2004-03-12-0403120203-story.html | access-date=August 24, 2022}}</ref> including [[Joseph Chetrit]], [[Joseph Moinian]], [[Lloyd Goldman]], [[Joseph Cayre]], and [[Jeffrey Feil]] of New York, as well as American Landmark Properties of [[Skokie, Illinois]].<ref>{{Cite web|date=May 1, 2004|title=Biz Briefs|work=Chicago Sun-Times|url=http://www.highbeam.com/doc/1P2-1527288.html|archive-url=https://web.archive.org/web/20121026073212/http://www.highbeam.com/doc/1P2-1527288.html|url-status=dead|archive-date=October 26, 2012|access-date=September 12, 2022}}</ref> The quoted price was $840&nbsp;million, with $825&nbsp;million held in a mortgage.<ref>{{Cite web|date=April 30, 2004|title=Biz Briefs|work=Chicago Sun-Times|url=http://www.highbeam.com/doc/1G1-118314848.html|archive-url=https://web.archive.org/web/20121026073220/http://www.highbeam.com/doc/1G1-118314848.html|url-status=dead|archive-date=October 26, 2012|access-date=September 12, 2022}}</ref> Two years later, in February 2007, the Sears Tower's owners obtained a $780&nbsp;million loan from [[UBS]].<ref name="Crain's Chicago Business 2007">{{cite web | title=Sears Tower's owners complete refinancing | website=Crain's Chicago Business | date=February 1, 2007 | url=https://www.chicagobusiness.com/article/20070201/CRED03/200023711/sears-tower-s-owners-complete-refinancing | access-date=August 24, 2022}}</ref> At the time, UBS valued the tower at $1.2&nbsp;billion.<ref name="Diesenhouse 2007">{{cite web | last=Diesenhouse | first=Susan | title=Sears Tower: Tall bill to fill | website=Chicago Tribune | date=August 12, 2007 | url=https://www.chicagotribune.com/news/ct-xpm-2007-08-12-0708110027-story.html | access-date=August 24, 2022}}</ref>

[[File:Willis Tower night 2.jpg|thumb|The tower at night in 2009]]

Since 2007, the owners had considered plans for the construction of a hotel on the north side of Jackson Boulevard, between Wacker Drive and Franklin Street, close to the entrance of the observation deck, above the tower's underground parking garage. According to the tower's owners, the second building was considered in the original design. The plan was eventually cancelled as city zoning did not permit construction of such a tall building in that location.<ref>{{Cite web|first=David|last=Roeder|title=Tall order for Tower?; Sears Tower owners to press city for zoning change, subsidy to add 2nd building as part of mega-million-dollar project next to landmark|work=Chicago Sun-Times|date=October 12, 2007|url=http://www.highbeam.com/doc/1P2-8884264.html|archive-url=https://web.archive.org/web/20121102173519/http://www.highbeam.com/doc/1P2-8884264.html|url-status=dead|archive-date=November 2, 2012|access-date=September 12, 2022}}</ref> In February 2009, the owners announced they were considering a plan to paint the structure silver, an idea that was later abandoned. It was hoped that a new, silver, paint-job would "rebrand" the building and highlight its advances in energy efficiency for an estimated cost of $50&nbsp;million.<ref>[http://www.suntimes.com/business/roeder/1448083,CST-FIN-roeder25.article "Sears Tower in silver?"], ''Chicago Sun-Times'', February 25, 2009 {{webarchive |url=https://web.archive.org/web/20100217125635/http://www.suntimes.com/business/roeder/1448083,CST-FIN-roeder25.article |date=February 17, 2010 }}</ref>

Although Sears' [[naming rights]] expired in 2003, the building continued to be called the Sears Tower for several years, despite multiple changes in ownership. In March 2009, London-based insurance broker [[Willis Group Holdings]] agreed to lease a portion of the building and obtained the naming rights.<ref>{{cite news|url=http://archives.chicagotribune.com/2009/mar/12/business/chi-biz-sears-tower-name-change-willis-march12 |title=Sears Tower name to change to Willis Tower |date=March 12, 2009 |work=Chicago Tribune |access-date=May 1, 2009 |url-status=dead |archive-url=https://web.archive.org/web/20090419220724/http://archives.chicagotribune.com/2009/mar/12/business/chi-biz-sears-tower-name-change-willis-march12 |archive-date=April 19, 2009 }}</ref><ref>{{Cite news|last=Cullotta|first=Karen Ann|date=March 13, 2009|title=Illinois: New Name for the Sears Tower|language=en-US|work=The New York Times|url=https://www.nytimes.com/2009/03/13/us/13brfs-NEWNAMEFORTH_BRF.html|access-date=September 12, 2022|issn=0362-4331}}</ref> On July 16, 2009, the building was officially renamed the Willis Tower.<ref name=podmolik/><ref name="NBC News 2009">{{cite web | title=Willis who? Sears Tower gets new name | website=NBC News | date=July 16, 2009 | url=https://www.nbcnews.com/id/wbna31945093 | access-date=September 12, 2022}}</ref> By 2011, the building's owners were considering selling a partial ownership stake, or even the entire building, to an investor.<ref name="Jonas 2011">{{cite web | last=Jonas | first=Ilaina | title=Exclusive: Owners of former Sears Tower seek investor | website=U.S. | date=June 1, 2011 | url=https://www.reuters.com/article/us-searstower-idUSTRE7506BJ20110601 | access-date=August 24, 2022}}</ref> The next year, [[United Airlines]] announced it would move its corporate headquarters from [[77 West Wacker Drive]] to the Willis Tower.<ref name="news-gazette1" />

==== Blackstone ownership ====
By March 2015, the Willis Tower was being marketed at a price of $1.5&nbsp;billion.<ref name="CBS News 2015">{{cite web | title=Willis Tower Up For Sale | website=CBS News | date=March 5, 2015 | url=https://www.cbsnews.com/chicago/news/willis-tower-up-for-sale/ | access-date=August 24, 2022}}</ref> The same month, the [[Blackstone Group]] purchased the tower for a reported $1.3&nbsp;billion, the highest price ever paid for a property in the U.S. outside of New York City.<ref name="Crain's Chicago Business 2015">{{cite web | title=Blackstone seals deal to buy Willis Tower | website=Crain's Chicago Business | date=March 15, 2015 | url=https://www.chicagobusiness.com/article/20150316/CRED03/150319854/willis-tower-sale-to-blackstone-breaks-chicago-record | access-date=August 24, 2022}}</ref><ref name="Harris 2017">{{cite web | last=Harris | first=Melissa | title=Willis Tower to be sold for $1.3 billion to Blackstone Group | website=Chicago Tribune | date=March 15, 2015 | url=https://www.chicagotribune.com/business/ct-willis-tower-being-sold-biz-20150315-story.html | access-date=August 24, 2022}}</ref> Blackstone announced a $500 million renovation in January 2017, which would include the construction of the Catalog, a six-story commercial complex, replacing a plaza on Jackson Boulevard and the entrance on Wacker Drive.<ref>{{Cite news|url=https://chicago.suntimes.com/business/willis-tower-in-line-for-500-million-facelift/|title=Willis Tower in line for a $500 million facelift|work=Chicago Sun-Times|access-date=October 3, 2018|language=en}}</ref><ref name="Crain's Chicago Business 2017">{{cite web | title=Willis Tower owner unveils $500 million redevelopment vision | website=Crain's Chicago Business | date=January 31, 2017 | url=https://www.chicagobusiness.com/article/20170201/CRED03/170209976/willis-tower-owner-unveils-500-million-redevelopment-vision | access-date=August 24, 2022}}</ref> Architectural firm [[Gensler]] designed the renovation.<ref name="Rogal 2022" /><ref name="architecturalrecord.com">{{cite web |last=Gauer |first=James |date=May 1, 2022 |title=Willis Tower Transformation by Gensler |url=https://www.architecturalrecord.com/articles/15633-willis-tower-transformation-by-gensler |access-date=September 7, 2022 |website=Architectural Record}}</ref> A rooftop terrace was built atop the Catalog, and the building's [[HVAC]] systems were overhauled.<ref name="Rogal 2022" /> Most of the building's elevators, excluding those that served the Skydeck, were also renovated for the first time in the tower's history. The new elevators would be faster than the original elevators and would use 35 percent less energy.<ref name="Koziarz 20182">{{cite web |last=Koziarz |first=Jay |date=May 8, 2018 |title=Willis Tower is getting faster, greener elevators |url=https://chicago.curbed.com/2018/5/8/17328682/construction-willis-tower-elevator-speed |access-date=September 7, 2022 |website=Curbed Chicago}}</ref><ref name="Ori Brinson 2018">{{cite web |last1=Ori |first1=Ryan |last2=Brinson |first2=Jemal R. |date=May 4, 2018 |title=Willis Tower getting new elevators: Here are the ups and downs |url=https://www.chicagotribune.com/business/ct-biz-willis-tower-elevators-numbers-htmlstory.html |access-date=September 7, 2022 |website=Chicago Tribune}}</ref> The building's owners installed artwork by [[Olafur Eliasson]], [[Jacob Hashimoto]], and other artists.<ref name="Rogal 2022">{{cite web |last=Rogal |first=Brian J. |date=May 23, 2022 |title=Willis Tower owners wrap up $500 million makeover that includes new retail hub, enhanced amenities |url=https://www.chicagotribune.com/business/ct-biz-willis-tower-revamp-20220523-hascw3jnzbh4pgrmwpw77fu2wm-story.html |access-date=September 7, 2022 |website=Chicago Tribune}}</ref>

To fund these improvements, in February 2017, Blackstone obtained a $1&nbsp;billion loan from a group of banks including [[Goldman Sachs]]. The new loan replaced $750&nbsp;million of [[Commercial mortgage-backed security|CMBS]] debt that was maturing.<ref name="Crain's Chicago Business 20172">{{cite web | title=Willis Tower's new loan: $1 billion | website=Crain's Chicago Business | date=February 7, 2017 | url=https://www.chicagobusiness.com/article/20170208/CRED03/170209843/willis-tower-s-new-loan-1-billion | access-date=August 24, 2022}}</ref> The following year, because of the increasing costs of the renovation,<ref name="Sudo 2018">{{cite web | last=Sudo | first=Chuck | title=Blackstone Group Refinances Willis Tower Debt, As Redevelopment Costs Climb | website=Bisnow | date=April 3, 2018 | url=https://www.bisnow.com/chicago/news/office/blackstone-group-refinances-willis-tower-debt-as-redevelopment-costs-climb-86897 | access-date=August 24, 2022}}</ref> Blackstone received a new $1.3&nbsp;billion loan from [[Deutsche Bank]] and [[Barclays]].<ref>{{Cite web|last=Pilgrim|first=Lexi|date=April 3, 2018|title=Blackstone takes out record $1.3B+ refi for Willis Tower|url=https://therealdeal.com/chicago/2018/04/03/blackstone-takes-out-record-1-3b-refi-for-willis-tower/|access-date=August 24, 2022|website=The Real Deal Chicago|language=en-US}}</ref><ref name="Crain's Chicago Business 2018">{{cite web | title=Blackstone piles on more debt at Willis Tower | website=Crain's Chicago Business | date=April 2, 2018 | url=https://www.chicagobusiness.com/article/20180403/CRED03/180409983/willis-tower-owner-blackstone-refinances-skyscraper-with-305-million-in-new-debt | access-date=August 24, 2022}}</ref> The Wacker Drive "Lunchbox" entrance was demolished in early 2018 to make way for the Catalog.<ref name="Koziarz 2018">{{cite web |last=Koziarz |first=Jay |date=April 6, 2018 |title=Willis Tower says goodbye to its "lunchbox" pavilion |url=https://chicago.curbed.com/2018/4/6/17206014/willis-tower-construction-lunchbox-globe |access-date=September 7, 2022 |website=Curbed Chicago}}</ref> A steel globe next to the entrance, manufactured by the Poblocki Sign Company and installed in 2010, was relocated to [[Elmhurst, Illinois]].<ref name="Koziarz 2018" /><ref name="Bisnow 2018">{{cite web |date=February 15, 2018 |title=Willis Tower's Iconic Globe Sculpture Has A New Home In The Suburbs |url=https://www.bisnow.com/chicago/news/construction-development/willis-towers-iconic-globe-sculpture-has-a-new-home-in-the-suburbs-85060 |access-date=September 7, 2022 |website=Bisnow}}</ref> A {{convert|40000|ft2|adj=on}} private club on the 66th and 67th stories opened in June 2018. The club included a restaurant named Craftsman and a lounge named Frame, both of which exclusively served the tower's tenants, as well as a public restaurant known as the East Room.<ref name="Selvam 2018">{{cite web |last=Selvam |first=Ashok |date=June 28, 2018 |title=Willis Tower Club Debuts a New 66th-Floor Restaurant and Lounge |url=https://chicago.eater.com/2018/6/28/17516094/willis-tower-lounge-restaurant-frame-craftsman-east-room-metropolitan-club |access-date=September 7, 2022 |website=Eater Chicago}}</ref><ref name="Koziarz 2017">{{cite web |last=Koziarz |first=Jay |date=November 16, 2017 |title=Big changes on tap for Willis Tower's Metropolitan Club |url=https://chicago.curbed.com/2017/11/16/16666100/willis-tower-metropolitan-club-renovations |access-date=September 7, 2022 |website=Curbed Chicago}}</ref> That September, [[Urbanspace]] announced that it would operate a [[food hall]] on the lower stories.<ref name="Crain's Chicago Business 20182">{{cite web |date=September 6, 2018 |title=Willis Tower getting its first food hall |url=https://www.chicagobusiness.com/commercial-real-estate/willis-tower-getting-its-first-food-hall |access-date=September 7, 2022 |website=Crain's Chicago Business}}</ref><ref name="Selvam 20182">{{cite web |last=Selvam |first=Ashok |date=September 7, 2018 |title=A Food Hall is Coming to Willis Tower |url=https://chicago.eater.com/2018/9/7/17831704/willis-tower-food-hall-chicago-loop-urbanspace |access-date=September 7, 2022 |website=Eater Chicago}}</ref>

In 2020, insurance company [[Aon (company)|Aon]] had proposed acquiring [[Willis Towers Watson]] (which had succeeded the Willis Group as the building's owner),<ref name="Insurance Journal 2020">{{cite web | title=Aon to Buy Willis Towers Watson | website=Insurance Journal | date=March 9, 2020 | url=https://www.insurancejournal.com/news/international/2020/03/09/560582.htm | access-date=September 12, 2022}}</ref><ref>{{Cite news|last=Dummett|first=Ben|date=March 9, 2020|title=Insurance Broker Aon Strikes Year's Biggest M&A Deal on Tumultuous Markets Day|language=en-US|work=[[The Wall Street Journal]]|url=https://www.wsj.com/articles/aon-to-merge-with-willis-towers-watson-in-all-stock-deal-valued-at-30-billion-11583758247|access-date=September 12, 2022|issn=0099-9660}}</ref> prompting speculation that the building could be renamed again.<ref name="Smith 2020">{{cite web | last=Smith | first=Ryan | title=Willis Tower Name Changes, Ranked by Likelihood | website=Chicago Magazine | date=April 2020 | url=https://www.chicagomag.com/city-life/April-2020/Willis-Tower-Naming-Power-Rankings/ | access-date=September 12, 2022}}</ref> The planned merger was canceled in 2021 following an antitrust lawsuit from the [[United States Department of Justice]].<ref name="CNBC 2021">{{cite web | title=Insurance brokers Aon and Willis Towers Watson scrap their $30 billion merger | website=CNBC | date=July 26, 2021 | url=https://www.cnbc.com/2021/07/26/insurance-brokers-aon-and-willis-towers-watson-scrap-their-30-billion-merger.html | access-date=September 12, 2022}}</ref> The building's renovation was completed in May 2022.<ref name="Rogal 2022" /><ref name="Team 2022">{{cite web |date=May 24, 2022 |title=Willis Tower unveils $500 million makeover with updates to the Skydeck |url=https://www.cbsnews.com/chicago/news/willis-tower-unveils-500-million-makeover-with-updates-to-the-skydeck/ |access-date=August 24, 2022 |website=CBS News}}</ref><ref name="trd-2022-05-24">{{Cite web |last=Hourie |first=Ilya |date=May 24, 2022 |title=Blackstone Unveils $500M Renovation Of Willis Tower |url=https://therealdeal.com/chicago/2022/05/24/blackstone-unveils-500m-rto-bet-on-chicagos-willis-tower/ |access-date=August 24, 2022 |website=The Real Deal Chicago |language=en-US}}</ref> At the time, although the Willis Tower was nearly 85 percent leased, the number of tenants and visitors entering the building had decreased significantly since 2019, in part because of the [[COVID-19 pandemic in Chicago]].<ref name="Rogal 2022" /> In April 2023, ''[[The New York Times]]'' reported that Blackstone had written down the value of its investment in the tower by $119 million.<ref>{{Cite news|last1=Goldstein|first1=Matthew|last2=Creswell|first2=Julie|last3=Eavis|first3=Peter|date=April 27, 2023|title=Stress Builds as Office Building Owners and Lenders Haggle Over Debt|language=en-US|work=The New York Times|url=https://www.nytimes.com/2023/04/27/business/economy/office-buildings-banks-economy.html|access-date=May 4, 2023|issn=0362-4331}}</ref>