In 2015, the Blackstone Group purchased the tower for a reported $1.3 billion, the highest price ever paid for a U.S. property outside of New York City. The Willis Group, a UK-based insurance broker will hold the naming rights until at least 2024. [5] It is currently the third-tallest building in the United States and the Western hemisphere – and the 23rd-tallest in the world. In 1982, two antennas were installed which brought its total height to 1,707 feet (520.3 m), making it taller than the John Hancock Center but not One World Trade Center. Sears' optimistic growth projections were not realized. The building’s naming rights deal, arranged by what the formerly known as Willis Group Holdings, reportedly expires in 2025, but that may change now that the company is acquired by Aon. In the 2011 film Transformers: Dark of the Moon, it is featured in a number of scenes. Structurae Version 7.0 - © 1998-2020 Nicolas Janberg. On August 12, 2007, the Burj Khalifa in Dubai was reported by its developers to have surpassed the tower in all height categories. This loan would mature in 2005. After a lengthy interrogation by Chicago's District Attorney and Fire Commissioner, Goodwin was officially released from jail. As part of the 1994 agreement, AEW and Metlife would be able to take official ownership of the building in 2003. The tower retained one record: its antenna exceeded Taipei 101's spire in height. The tower retained one record: its antenna exceeded Taipei 101's spire in height. The tourist entrance can be found on the south side of the building along Jackson Boulevard. When consolidating businesses in Chicago, Willis received the naming rights to Sears Tower which was re-named to Willis Tower. The flooring on that same box shattered on June 12, 2019. [85], In Sufjan Stevens' 2005 album Illinois, the tower is referenced in the track "Seer's Tower.". [27] The court's written opinion was filed on September 20, 1972. It should be a no-brainer: Aon just spent big bucks to vanquish their rival and declare the Willis brand dead. In July 1990, with no potential buyer apparent, Sears took out a mortgage loan on the tower for $850 million from MetLife and AEW Capital Management, with Metlife as the holder of the mortgage note. Since 2007, the owners had considered plans for the construction of a hotel on the north side of Jackson Boulevard, between Wacker Drive and Franklin Street, close to the entrance of the observation deck, above the tower’s underground parking garage. Due to its extreme height, FM stations (all class B) are very limited in power output. The height was restricted by a limit imposed by the Federal Aviation Administration (FAA) to protect air traffic. The tower is home to more than 100 businesses including law, insurance, transportation, financial companies and more. A Willis spokesman said the naming rights were obtained as part of the negotiations at no cost to Willis, [30] [31] [32] and the building was renamed the Willis Tower on July 16, 2009. On August 12, 2007, the Burj Khalifa in Dubai was reported by its developers to have surpassed the tower in all height categories. Sears decided to focus their initial occupancy on housing their merchandise group, renting out the remaining space to other tenants until needed. These elements are louvres to ventilate the building's environmental support systems and obscure its belted trusses. Their solution resulted in the addition of a new entryway dubbed by many as the "Lunchbox Entrance.". Elevators reach the top in about 60 seconds, allowing occupants to feel the change in pressure as they ascend. [66] The Chicago Tribune joked that the building's new name reminded them of the oft-repeated "What you talkin' 'bout, Willis?" 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