Willis Tower - Naming Rights

Naming Rights

Although Sears sold the Tower in 1994 and had completely vacated it by 1995, the company retained the naming rights to the building through 2003. The new owners were rebuffed in renaming deals with CDW Corp in 2005 and the U.S. Olympic Committee in 2008. London-based insurance broker Willis Group Holdings, Ltd. leased more than 140,000 square feet (13,000 m2) of space on three floors in 2009. A Willis spokesman said the naming rights were obtained as part of the negotiations at no cost to Willis, and the building was renamed the Willis Tower on July 16, 2009. The naming rights are valid for 15 years so it is possible that the building’s name could change again in 2024. The Chicago Tribune joked that the building’s new name reminded them of the oft-repeated "What you talkin' 'bout, Willis?" catchphrase from the 1980s American television sitcom Diff'rent Strokes and considered the name-change ill-advised in "a city with a deep appreciation of tradition and a healthy ego, where some Chicagoans still mourn the switch from Marshall Field's to Macy's." This feeling was confirmed in a July 16, 2009 CNN article in which some Chicago area residents expressed reluctance to accept the Willis Tower name, and in an article that appeared in the October 2010 issue of Chicago magazine that ranked the building among Chicago's 40 most important, the author pointedly refused to acknowledge the name change and referred to the building as the "Sears Tower". Time magazine called the name change one of the top 10 worst corporate name changes and pointed to negative press coverage by local news outlets and online petitions from angry residents.