Sears Tower to be renamed Willis Tower

Chicago Chicago's famed Sears Tower is getting a new name. The 1,451-sq.-ft. skyscraper, the tallest building in the United States, is being renamed Willis Tower after London-based Willis Group Holdings.

The insurance broker announced the name change and other details of its agreement with the building's owners Thursday.

The insurance broker will occupy more than 140,000 sq. ft., at $14.50 per square foot. Willis is moving six local offices into the building. The move is expected to be complete by late summer.

The company said it is not paying extra for the naming rights.