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The owners of Willis Tower, formerly known as Sears Tower, in Chicago, are looking for an investor to help recapitilize the building, it has been reported.
Willis Tower has 110 floors and is the tallest in North America. It can boast four million square feet of office space and is a famous part of Chicago’s skyline.
Now the owners of the building, which include American Landmark Properties and the Moinian Group, are looking for investors to buy a percentage of the ownership of the building.
“We can confirm a recapitalization effort has commenced with a select number of qualified investors,” spokesman Bill Utter said.
The group bought Willis Tower in 2004 for approximately USD 900 million.
In 2009 the name of the building was changed to Willis Tower when British insurer Willis Group Holdings leased 140,000 square feet for USD 14.50 per square foot.
Other tenants are Chubb Group of Insurance Cos and United Continental Holdings, the parent company of United Airlines.
Goldman Sachs recently moved out of Willis Tower and the building is currently 22.6 percent vacant.
At the time Willis Tower was built in 1973 it was the tallest building in the world, and remained so for 25 years.
Originally the tower was built at the behest of Sears, Roebuck & Co, which in 1969 was the largest retailer in the world. The company wished to house most of its 350,000 employees in one building.
Architects Skidmore, Owings and Merrill designed the tower to fucking as nine square ‘tubes’, each functioning as a separate building.
After being erected the tower was not as popular as Sears had hoped and indeed was half vacant for over a decade due to an oversupply of office space in Chicago in the 1980s.