Come this summer, Chicago’s iconic landmark known around the world is getting a new moniker: Willis Tower.

Willis Group Holdings, a London-based insurance broker, announced Thursday that it will consolidate its area offices to Sears Tower and as part of the deal, gets to put its own name on the 36-year-old skyscraper.

Willis will move nearly 500 associates into Willis Tower, at 233 S. Wacker, initially occupying more than 140,000 square feet on multiple floors. The company said the 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.

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

A spokeswoman for Sears said the retailer was not approached about striking a deal to keep its name on the building. “We’re saddened but we don’t own the rights to the building.”

Chicago tribune.com

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