Editing Willis Tower (section)

==== 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>