Willis Tower

What Willis Tower does

Willis Tower is a 110-story Class-A commercial office building located at 233 South Wacker Drive in Chicago, Illinois, operated by Perform Properties, a Blackstone Real Estate platform. Originally known as the Sears Tower, the asset was acquired by a Blackstone-led partnership in 2015 and remains one of the most globally recognized skyscrapers in commercial real estate. Perform Properties oversees operations, asset management, leasing, and the integrated amenity stack across office, retail, and tourism revenue streams.

The building offers flexible office leasing on contracts ranging from 1 month to 5+ years, accommodating both established corporates (including Fifth Third Bank, Group One Trading, and the Regional Transportation Authority) and smaller tenants, with options spanning single offices to full floors. Catalog, a 300,000-square-foot retail and dining destination on the lower floors, hosts a curated mix of established and emerging consumer brands and was refreshed in 2025 with CAVA, Mendocino Farms, Van Leeuwen Ice Cream, Foxtail Market, Maple & Ash, and Mediocre. The Skydeck on the 109th floor attracts approximately 1.7 million visitors annually, and complementary amenities include the 110th floor rooftop, TONE fitness club, and Convene event venue, collectively serving roughly 15,000 daily tenants and visitors.

Revenue mechanics combine long-duration office leases with shorter-duration flex leases, retail rent, and consumer-driven income from admissions, fitness memberships, and event bookings. The property achieved LEED Platinum certification in 2022 with an 81-point score, the highest for a skyscraper, leveraging sustainability as a differentiator for enterprise tenants. A $500M renovation completed that year modernized common areas, mechanical systems, and amenity infrastructure to reposition the asset in Chicago's Class-A market.

Name

Willis Tower

Legal name

Perform Properties

Website

https://willistower.com

Company type

Private

Founded year

1973

Operating status

Operating

Headcount range

1–10 employees

Short description

Willis Tower is a 110-story Class-A commercial office building in Chicago owned by Blackstone's Perform Properties, offering flexible office leasing, the Skydeck observation deck, the Catalog retail and dining destination, TONE fitness, and event venues to enterprise tenants, SMBs, and 1.7 million annual visitors.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (531120)

SIC

Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Observation Decks & Viewing Platforms (THAJACAA)

Keywords

• Commercial office leasing
• Retail space leasing
• Observation deck attraction
• Tenant fitness amenities
• Event venue rental

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Office Space Leasing: Willis Tower generates primary revenue from leasing office spaces to businesses ranging from small companies to Fortune 100 enterprises. The property offers flexible leasing options from one month to five years, with move-in ready suites of various sizes.
2. Retail Space Leasing: Catalog is a five-level, 300,000-square-foot retail, dining, and entertainment destination at the base of Willis Tower. Revenue comes from leasing retail spaces to brands and restaurants.
3. Skydeck Observatory: The 103rd-floor Skydeck attracts approximately 1.3 million visitors annually, offering admission-based experiences including The Ledge glass floor boxes extending 4.3 feet from the building at 1,353 feet in the air.
4. TONE Fitness Center Membership: Tenant-exclusive 30,000 square foot fitness center on the 33rd floor offering group fitness classes, personal training, and wellness services. Membership is $35/month with group classes included.
5. Event Space Rental: Willis Tower offers event spaces including the 99th Floor (8,000 sq ft, panoramic views, up to 300 guests), Steel Room (up to 150 guests), Tower House Conference Center (up to 250 guests), and outdoor terrace.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

Willis Tower is a 110-story Class-A commercial office building and mixed-use urban destination in Chicago's Loop. It generates revenue primarily by leasing flexible office space (one month to five-year terms) to companies ranging from solo founders to Fortune 100 enterprises, leasing retail and dining space through the five-level Catalog destination, operating the Skydeck observation attraction on the 103rd floor, and offering tenant-exclusive amenities such as the TONE Fitness Center, Tower House, Convene meeting spaces, and event venues including the Steel Room and 99th Floor.

Product overview

Willis Tower is a 110-story commercial office building and urban destination in Chicago offering a unified platform of workplace and lifestyle services. The core offering comprises Class-A office leasing with flexible terms, supplemented by a portfolio of amenity modules including Catalog (a five-level dining, retail, and entertainment destination), Skydeck observation deck, TONE Fitness Center, Tower House conference facilities, Altitude tenant lounge, The Terrace outdoor greenspace, and event venues like the Steel Room and 99th Floor. The My Willis Tower App provides tenant access to services. The building underwent a $500M transformation completed in 2022, creating an integrated workplace-entertainment destination.

Differentiator

Problem solved

Functional benefit

Brands

• Catalog: Five-level urban destination for dining, retail, and entertainment featuring 300,000 square feet of attractions including a 30,000-square-foot outdoor terrace. Named as a historical nod to the original developer Sears Roebuck and its popular printed catalog.
• Skydeck
• TONE Fitness
• Convene
• Metropolitan Club
• Altitude
• Tower House
• Steel Room

Products and services

• Willis Tower Office Space Leasing Class-A commercial office space across 110 stories with flexible footprints for companies ranging from solo founders to Fortune 100 enterprises. Move-in ready suites with leasing terms from one month to five years. Over 3 million square feet of space commitments attracted post-transformation and more than 15,000 daily building tenants.
• Catalog (Retail and Dining Destination) Five-level urban destination featuring 300,000 square feet of dining, retail, and entertainment attractions, plus a 30,000-square-foot outdoor terrace open to the public and tenants. Leases space to retail brands and restaurants and serves foot traffic from office workers and tourists.
• Skydeck Observation Deck Public observation deck on the 103rd floor offering views of up to four states and featuring The Ledge glass floor balconies. Open 365 days per year, attracting approximately 1.3 million visitors annually, with admission-based ticket sales.
• TONE Fitness Center Tenant-exclusive 30,000-square-foot fitness center on the 33rd floor offering in-person group fitness classes (yoga, HIIT, spin, pilates), one-on-one personal training, complimentary fitness consultations, and recovery amenities including Hyperice and Normatec equipment. Membership priced at $35/month with group classes included.
• Convene at Willis Tower 70,000 square feet of meeting and event space operated in partnership with Convene, offering comprehensive event services and professionally managed facilities for tenants and external clients.
• Metropolitan Club Private club on floors 66 and 67 offering curated, aspirational atmospheres for dining and networking, available to members and select guests.
• Event Venues (Steel Room, 99th Floor, Tower House Conference Center) Multiple bookable event and conference venues: Steel Room accommodates up to 150 guests; 99th Floor offers 8,000 sq ft of private event space with 360-degree panoramic views seating 175 or cocktail reception up to 300; Tower House Conference Center accommodates up to 250 guests with café and bar service.
• Retail Space Leasing at Catalog Leased retail storefronts and restaurant locations within the five-level Catalog destination, marketed to ambitious retail brands seeking a premier downtown Chicago location with access to foot traffic from office workers and tourists.

Quantifiable outcome

• LEED Platinum certification achieved, expected to reduce energy consumption by up to 20% and water consumption by 30%
• +3 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered primary, secondary and minor.

• Telos Group LLCprimaryChannel Partner/ Reseller/ DistributorExclusive office leasing broker for Willis Tower. Team of four brokers handling all office leasing inquiries, viewings, and deal negotiations.
• SavillsprimaryChannel Partner/ Reseller/ DistributorExclusive retail leasing broker for Catalog at Willis Tower. Team of three brokers managing all retail space leasing for the five-level dining and entertainment destination.
• IndustrioussecondaryChannel Partner/ Reseller/ DistributorCoworking operator providing access to fully furnished private office and suite options at Willis Tower. Offers flexible short-term workstation solutions for companies needing immediate space.
• ConvenesecondaryStrategic or Co-development PartnerProvides 70,000 square feet of meeting and event space in Willis Tower. Offers professionally managed meeting rooms and event spaces for tenants and external clients.
• BOMA ChicagominorStrategic or Co-development PartnerWillis Tower partners with BOMA Chicago annually to host a holiday food drive benefiting the Greater Chicago Food Depository.
• American Red CrossminorStrategic or Co-development PartnerPartnership for monthly blood drives to help patients in approximately 2,600 hospitals across the U.S.
• Skyrise ChicagominorStrategic or Co-development PartnerWillis Tower hosts Skyrise Chicago, the world's tallest indoor stair climb (103 floors) each November in honor of Shirley Ryan Ability Lab.

Scale indicators9 records

Recent moves9 records

Expansion highlights4 records

Direct peers

• Empire State Realty Trust: Operates the Empire State Building, a New York trophy tower combining office leasing with the iconic 86th/102nd floor observation decks. Most structurally comparable peer given the office + observation deck mixed-use model and brand-driven tourism flywheel.
• 875 N Michigan Ave (formerly John Hancock Center): Chicago supertall observation deck and office/residential tower. Direct local competitor for Skydeck's tourist admission revenue and a peer in the Chicago trophy asset category.

Broad incumbents

• Boston Properties (BXP): Public REIT focused on trophy Class-A office assets in gateway U.S. cities. Comparable institutional-grade office operator serving Fortune 500 tenants in major CBDs.
• Vornado Realty Trust: Owns and operates premier office properties including the Penn District and Chicago's Merchandise Mart. Comparable institutional office landlord with portfolio scale that Willis Tower's owner/manager could benchmark against.
• Tishman Speyer: Global owner/operator of trophy office and mixed-use assets (e.g., Rockefeller Center). Comparable institutional landlord of iconic Class-A office towers and mixed-use destinations.
• The Durst Organization (One World Trade Center): Operates One World Trade Center and the One World Observatory. Comparable as a Class-A office supertall with an integrated observation experience in a major U.S. gateway city.
• Related Companies (30 Hudson Yards / Hudson Yards): Manages Hudson Yards, a trophy mixed-use Manhattan development combining Class-A office with retail, dining, and the Edge observation deck — directly comparable to Willis Tower's integrated office + retail + experience destination model.

Others

• JLL (Jones Lang LaSalle): Global commercial real estate services firm involved in leasing, valuation, and advisory for trophy office assets. Relevant as an ecosystem participant supporting office landlord operations rather than a direct competitor.
• CBRE: Largest global commercial real estate services and investment firm; adjacent comparator for office leasing brokerage, property management, and capital markets services relevant to a trophy office asset.

Regional players

• CIM Group: Owner of Chicago's former Tribune Tower redevelopment into luxury condos and retail — a peer trophy mixed-use asset transformation in the same Chicago market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/WillisTowerChicago
• Instagraminstagram.com/willistowerchicago
• LinkedInlinkedin.com/company/willis-tower

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Willis Tower