Willis Tower Official Release
Here’s the text of the official press release about the Sears Tower becoming Willis Tower.
Willis Group Holdings to Move Chicago Area Offices to Sears Tower;
Building to Be Renamed Willis Tower
Global Insurance Broker Will Occupy Multiple Floors in Iconic Building This Summer
New York, March 12, 2009 – Willis Group Holdings (NYSE: WSH), the global insurance broker, today announced that Willis will become a new tenant of Sears Tower, and under an agreement with the building’s owners, the Chicago icon and tallest building in the Western Hemisphere will be renamed Willis Tower.
Willis plans to consolidate five area offices and move nearly 500 Associates into Willis Tower, initially occupying more than 140,000 square feet on multiple floors. 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. “We are delighted to be making this bold move and firmly establishing our leading presence in one of the nation’s biggest insurance markets, and it will be wonderful for all our Associates to work under one roof.”
The building, first opened in 1973, is recognized worldwide as a center for business, and an architectural signature of Chicago’s skyline. “We are proud to add the Willis name to the tower, and welcome the company and its 500 Associates to this premier Chicago address,” said John Huston, Executive Vice President of American Landmark Properties, Ltd., part of the real estate investment group that owns the building. “This key new tenant underscores the importance of the building as a destination for successful businesses.”
“We are thrilled that Willis Group will be consolidating their Midwest operations in Chicago, demonstrating their commitment to this city by retaining almost 500 jobs here in addition to planning for future job growth. Their decision speaks to the quality of Chicago’s workforce, and our vibrant and supportive business community. We welcome this strong global corporation and look forward to working with Willis in the years to come,” said Rita Athas, Executive Director of World Business Chicago.
Relocating to Willis Tower will be three current Willis HRH offices in Chicago, located at 10 South LaSalle Street, One East Wacker Drive and 222 North Riverside Plaza, along with two suburban locations – in Oak Brook and Lombard. The move is expected to be completed by late summer. The company’s North American business is now known as Willis HRH following Willis’ October 2008 acquisition of insurance intermediary Hilb Rogal & Hobbs (HRH). Chicago is the headquarters of Willis HRH’s Midwest Region.
“This move will be a huge benefit to our Associates,” said Don Bailey, Chairman and Chief Executive Officer, Willis HRH. “Working even more collaboratively and closely together as a ‘One Flag’ team, we will be able to provide even better service and offer more innovative solutions to our clients. As we seek new growth opportunities, we’ll also benefit from having greater brand recognition in this market. Willis Tower will make us a household name among our clients, prospective clients and in the larger business community.”
Willis HRH is the leading retail insurance broker in the Chicago market, arranging property and casualty and other insurance coverage for businesses of all sizes – from large corporations to small and medium-sized enterprises.
The majority of Willis HRH Associates moving to Willis Tower work in the company’s retail brokerage business, which is supported by Willis’ key specialist capabilities in such areas as construction, executive risk, healthcare, property, real estate and employee benefits.
Willis Tower also will be home to Willis Commercial, a business unit dedicated to serving the insurance needs of small and medium-sized enterprises. Willis Commercial utilizes the technology platform and capabilities of the company’s Chicago-based InsuranceNoodle™ unit, a web-enabled wholesaler of commercial property and casualty products that Willis acquired in 2007. In addition, Willis’ Innotech business, a high-tech service center for healthcare benefits clients, will be housed in the Willis Tower offices.
The building is owned by 233 S. Wacker Drive LLC, a real estate investment group formed in 2004 to purchase the tower. Ownership includes New York City-based partners Joseph Chetrit; and Joseph Moinian and Steve Bederman of The Moinian Group; and Yisroel Gluck and John Huston, of American Landmark Properties, Ltd., based in Skokie, Illinois. U.S. Equities Asset Management LLC, headquartered in Chicago, provides management and leasing services to the property. Michael Kazmierczak, Senior Vice President, U.S. Equities, represented the building in negotiations. Josh Kuriloff, Vice Chairman, and Kent Ilhardt, Executive Vice President, Cushman & Wakefield, represented Willis.
Willis HRH is the North American retail brokerage business of Willis Group Holdings. The unit has more than 200 local offices across the United States and Canada, offering a full range of insurance and risk management services, specialist expertise and global resources to large corporate, middle-market and small business clients.
Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 20,000 Associates serving clients in some 190 countries. Additional information on Willis may be found atwww.willis.com