The New York based owner for a Chicago based tower has signed a naming-rights deal with a London based insurance broker. Confused? OK here's all you need to know: the Sears Tower will soon be renamed to the Willis Tower.
Willis Group Holdings got the naming rights to America's tallest building after it decided to move 500 employees to the location. The rent is $14.50 a square foot, and naming rights for the iconic tower came included. Experts are wondering why the building gave the rights to a tenant who will only occupy 3.5 percent of the space.
The skyscraper has always been named Sears Tower, since it opened in 1973 as the headquarters for Sears Roebuck & Co, whose rights expired a few years ago.
Do you think the owners should have kept the name for tradition's (and visibility's) sake?