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C&W Represents Willis Group Holdings in Move to Sears Tower; Building to be Renamed Willis Tower
12 Mar, 2009, Chicago, IL
Cushman & Wakefield, the world’s largest privately held commercial real estate services firm, today announced that it represented Willis Group Holdings (NYSE: WSH), the global insurance broker, in its lease of more than 140,000 square feet at Chicago’s Sears Tower in an agreement with the building’s owners that will also rename the Chicago icon and tallest building in the Western Hemisphere as Willis Tower.
Willis plans to consolidate five area offices and move nearly 500 Associates into Willis Tower, initially occupying more than 140,000 square feet on multiple floors.
Cushman & Wakefield brokerage professionals Josh Kuriloff, Vice Chairman, and Kent Ilhardt, Executive Vice President, represented Willis in its site search and lease negotiations. Michael Kazmierczak, Senior Vice President, U.S. Equities, represented the ownership.
“We are pleased to have helped arrange one of the most significant agreements in the history of Chicago real estate, to the satisfaction and benefit of all parties involved,” said Mr. Kuriloff.
Mr. Ilhardt said, "Cushman & Wakefield has had a long history with Sears Tower having acted as project manager for its development and original leasing and management agent. While the building is older, its infrastructure meets or exceeds new construction in many categories. In addition, the highly efficient floor plates, excellent location and numerous amenities will all contribute to Willis' productivity at Willis Tower."
Relocating to Willis Tower will be three current Willis HRH offices in Chicago, located at 10 South LaSalle Street, One East Wacker Drive and 222 North Riverside Plaza, along with two suburban locations – in Oak Brook and Lombard. The move is expected to be completed by late summer.
The majority of Willis HRH Associates moving to Willis Tower work in the company’s retail brokerage business, which is supported by Willis’ key specialist capabilities in such areas as construction, executive risk, healthcare, property, real estate and employee benefits.
Willis Tower also will be home to Willis Commercial, a business unit dedicated to serving the insurance needs of small and medium-sized enterprises. Willis Commercial utilizes the technology platform and capabilities of the company’s Chicago-based InsuranceNoodle™ unit, a web-enabled wholesaler of commercial property and casualty products that Willis acquired in 2007. In addition, Willis’ Innotech business, a high-tech service center for healthcare benefits clients, will be housed in the Willis Tower offices.
The building, which first opened in 1973, is recognized worldwide as a center for business, and an architectural signature of Chicago’s skyline. It is owned by 233 S. Wacker Drive LLC, a real estate investment group formed in 2004 to purchase the tower. Ownership includes New York City-based partners Joseph Chetrit; and Joseph Moinian and Steve Bederman of The Moinian Group; and Yisroel Gluck and John Huston, of American Landmark Properties, Ltd., based in Skokie, Illinois. U.S. Equities Asset Management LLC, headquartered in Chicago, provides management and leasing services to the property.
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About Willis HRH
Willis HRH is the North American retail brokerage business of Willis Group Holdings. The unit
has more than 200 local offices across the United States and Canada, offering a full range of
insurance and risk management services, specialist expertise and global resources to large
corporate, middle-market and small business clients.
About Willis Group Holdings
Willis Group Holdings Limited is a leading global insurance broker, developing and delivering
professional insurance, reinsurance, risk management, financial and human resource consulting
and actuarial services to corporations, public entities and institutions around the world.
Willis has more than 400 offices in nearly 120 countries, with a global team of approximately
20,000 Associates serving clients in some 190 countries. Additional information on Willis may
be found at www.willis.com.
About Cushman & Wakefield
Cushman & Wakefield is the world's largest privately-held commercial real estate services
firm. Founded in 1917, it has 230 offices in 58 countries and more than 15,000
employees. The firm represents a diverse customer base ranging from small businesses to
Fortune 500 companies. It offers a complete range of services within four primary
disciplines: Transaction Services, including tenant and landlord representation in office,
industrial and retail real estate; Capital Markets, including property sales, investment
management, valuation services, investment banking, debt and equity financing; Client
Solutions, including integrated real estate strategies for large corporations and property
owners, and Consulting Services, including business and real estate consulting. A
recognized leader in global real estate research, the firm publishes a broad array of
proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com/knowledge.
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