Sears Tower name to change to Willis Tower

Chicago Tribune, March 12, 2009 — Sears Tower will change its name to Willis Tower this summer, under the terms of a 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 Drive, initially occupying more than 140,000 square feet on multiple floors.

London-based Willis said that its move to the new space, at $14.50 per square foot, will reduce its real estate costs significantly and that there is no additional cost associated with renaming the building.

"It was part of our negotiations," said Willis spokesman Will Thoretz. "We are actually not having to pay anything for renaming the building."