Willis Tower sold for $1.3 billion

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Chicago -- 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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