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Willis Tower Could Have New Buyer

The Willis Tower, at 1,451 feet tall, held the designation as the nation's tallest building until late in 2013

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    NEWSLETTERS

    Chicago's Willis Tower is on the market and could soon be under new ownership, the building management confirmed to NBC Chicago on Wednesday. (Published Wednesday, March 4, 2015)

    Chicago's Willis Tower is on the market and could soon be under new ownership.

    Building management confirmed to NBC Chicago on Wednesday that the 110-story tower was on the market. New York City-based real estate broker Eastdil Secured LLC was tapped to handle the sale.

    News of the building being put on the market was first reported Tuesday by Crain's Chicago Business. The Chicago Tribune later published a report, citing a source, that a new buyer may have already been secured.

    There was no official comment Wednesday from building management or Eastdil Secured officials about a potential buyer, or the reported $1.5 billion sale price.

    The building is currently owned by New York investors Joseph Chetrit and Joseph Moinian and Skokie-based American Landmark Properties. The parties bought the building in 2004 when it was still known as the Sears Tower.

    It became known as the Willis Tower in 2009 after London-based insurance broker Willis Group Holdings earned naming rights as part of a lease deal.

    The commercial property is currently 84 percent leased, with the largest tenants being United Airlines and the law firm Schiff Hardin LLP.

    The Willis Tower, at 1,451 feet tall, held the designation as the nation's tallest building until late in 2013 when it was eclipsed by the new One World Trade Center in New York City. An expert committee of architects said the structure atop the latter building was a spire and not a broadcast antenna, bringing the height of the building to 1,776 feet.

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