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CHICAGO-In an official ceremony this morning, the iconic Sears Tower has been renamed Willis Tower. Company Chairman and CEO Joseph Plumeri and Mayor Richard Daley earlier unveiled a sign with the tower’s new name.

In March, Willis Group Holdings Ltd. announced plans to consolidate its six Chicago offices into one downtown location. The London-based insurance broker has leased 140,000 square feet of the 1.1-million-square-foot building for its 500 associates.

While the terms of the lease were not disclosed, sources earlier told GlobeSt.com that Willis paid $14.50 per square foot, a price lower than the $15 to $20 per square foot asking price.

Sears Roebuck and Co., for which the tower was originally named, moved out of the 110-story building in 1992.

The West Loop property is owned by 233 S. Wacker LLC, which includes American Landmark Properties, the Chetrit Group and the Moinian Group. The West Loop’s occupancy rate is below 88% according to Cushman & Wakefield’s year-end office market report.

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