Sears Tower will change its name to Willis Tower under the terms of a new lease signed by global insurance broker Willis Group Holdings.
Willis Group plans to consolidate five area offices and move nearly 500 Associates into Willis Tower, at 233 S. Wacker, initially occupying more than 140,000 square feet on multiple floors.
London-based Willis said its move to the new space, at $14.50 per square foot, will result in significant real estate cost savings, and that there is no additional cost to the company associated with renaming the building.
"Having our name associated with Chicago's most iconic structure underscores our commitment to this great city, and recognizes Chicago's importance as a major financial hub and international business center," said Joseph J. Plumeri, Chairman and Chief Executive Officer, Willis Group Holdings.
Sears, Roebuck & Co., now based in Hoffman Estates, finished construction on the office building in 1973 but has not had offices in it since 1992. At the time it was the tallest building in the world. Now, it is the tallest in the Western Hemisphere.
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