Sears no more? Insurer plans to buy Tower's naming rights

Willis Group Holdings Ltd., the world's third-biggest insurance broker, will become a tenant of the Sears Tower in Chicago in a deal that will rename the tallest building in the U.S. to Willis Tower.

Willis will move almost 500 associates from five area offices into Willis Tower, occupying more than 140,000 square feet at $14.50 per square foot, the London-based company said today in a statement distributed by Business Wire. There was no additional cost to rename the Sears Tower, according to the statement.

Willis bought Hilb Rogal and Hobbs Co. in Glen Allen, Virginia, last year for $1.7 billion to expand in the U.S. and take on its two biggest rivals, Aon Corp., the world's biggest insurance broker, and Marsh & McLennan Cos., the second-largest brokerage, in their home market. Aon's headquarters is in Chicago's second-tallest building, the Aon Center.

Sears Tower was constructed in 1974 and is 1,451 feet tall, 110 floors, and Aon Center, built in 1973, is 1,136 feet tall, 82 floors, according to aviewoncities.com.

Willis expects "significant real estate cost savings" from the deal, according to the statement. American Landmark Properties Ltd. is part of the real-estate investment group that owns the skyscraper, the statement said.