![]() ![]() ![]() The past two years were down dramatically from a record $6.5 billion in sales in 2015. Last year’s downtown office sales volume was $2.2 billion, according to Jones Lang LaSalle, down from $2.5 billion in 2016. The Tribune reported last year that the office and parking owners were putting the property up for sale, with offers expected to potentially top $330 million.īut offers came in lower than hoped amid a continued slowdown in downtown Chicago office sales in 2017. However, many locals still refer to the landmark skyscraper as the Sears Tower. Even though it has been renamed after the London based holding firm Willis, most people still refer to it as Sears. Other portions of the property - including residential condominiums, retail and restaurant space, broadcast antennas and the 360 Chicago observatory - are owned separately. The Willis Tower was renamed in 2009 after the insurance broker Willis Group Holdings leased the naming rights. 25 000 people visit the building every day. ![]() The group invested about $69 million on building upgrades and signing new leases. Willis has a deal through March 2025 to pay 1 million per year for naming rights to the 3.8 million-square-foot building, according to a Bloomberg report tied to a loan on the property. The group owns the 717-space parking garage on Floors 4 to 12 and about 908,000 square feet of offices on Floors 13 to 41. Mount Kellett is now an affiliate of New York-based Fortress Investment Group. Hearn and its investment partners, Mount Kellett Capital Management and San Antonio-based Lynd Co., bought their portion of the tower for $140 million in 2013. ![]()
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