NU Online News Service, July 16, 11:35 a.m. EDT
North America's tallest building and the biggest skyscraper in Chicago, known for decades as the Sears Tower, is now the Willis Tower.
Attending the renaming ceremony today at the building were Willis insurance brokerage Chairman and Chief Executive Officer Joseph J. Plumeri and Chicago Mayor Richard Daley.
"Every member of the Willis family is honored to be associated with such an architectural icon and privileged to call this prestigious business address our new Midwest region headquarters," said Mr. Plumeri in a statement. "Above all, the naming of Willis Tower is an affirmation of our strong commitment to the great city of Chicago, its people and its future.
"Willis has been in Chicago since 1885, the same year that William LeBaron Jenney built the Home Insurance Building, the first skyscraper in the world. Over the years, we've grown as Chicago has grown, and we are delighted to be a part of the great future this dynamic city is building as a global financial center. We're proud to call Chicago our home."
"Especially in these difficult economic times, a decision such as the one Willis has made sends an important message to all Chicago residents that our city is a vital place and that we are working hard to take the steps necessary to keep our economy moving," Mr. Daley said.
Willis said it presented a check for $100,000 to Chicago Cares, the city's premier volunteer organization. The firm said Willis' Chicago-area associates have pledged thousands of hours of their time to serving the community. It is also making a $100,000 donation to Chicago 2016 to support the bid to bring the Olympic Games to the city.
Opened in 1973, the 110-story glass and steel structure is considered the tallest skyscraper in the Western Hemisphere at 1,450 feet.
Still under construction, the Burj Dubai in Dubai is the tallest building at 2,684 feet.
Willis experienced some criticism when it initially announced the name change because it is considered a London headquartered company.
However, Mr. Plumeri, who was born in New Jersey and works out of its New York office, said in a video the company jumped at the chance to put its name on the building and have the firm associated in the symbols of strength and the greatness of America and Chicago.
Willis said more than 500 employees will move into the building from five area offices this summer and there are plans to add more jobs in the city in the coming years.
Although the company has the naming rights, it is a tenant and does not own the building, which is held by Trizec Hahn, a Toronto real estate investment trust. Sears moved from the building to a Chicago suburb in the late 80′s.
According to an online poll by SearsTower.Org, a Web site critical of the name change, 88.4 percent of those voting said they will still refer to the building as Sears Tower.
In other news, Willis announced yesterday that it increased its shareholdings in Willis (Malaysia) Sdn. Bhd., from 30 percent to 49 percent, acquiring additional equity from its joint venture partner Sindora Berhad.
Willis said it entered Malaysia in 1981 through a joint venture. As part of the current deal, Willis has bought out Sindora's shares and will be operating in partnership with Abdullah Zahid, the managing director of Willis Malaysia, who now owns 51 percent of the company.
Mr. Zahid, who has been a director of Willis since 1991, has 25 years of experience in the insurance industry.
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