The Willis Tower in Chicago, formerly known as the Sears Tower and North America's tallest building, is on the block according to the Wall Street Journal as the owners are reportedly looking to recapitalize or sell the property. The owners of the property, Chicago's American Landmark Properties Ltd, New York Developers Joseph Moinian of the Moinian Group and Joseph Chetrit of the Chetrit Group, originally purchased the building for $900 million, or about $244 a square foot, in 2004. The building carries $780 million of debt on it said sources.
Completed May 3, 1973, Willis Tower stands 1,450 feet tall and is one of the most recognizable landmarks in the Chicago skyline . The building held the record for the world’s tallest building for 25 years until the Petronas Towers in Kuala Lampur, Malaysia were built in 1998. The 3.8 million square foot tower was designed by the architectural firm Skidmore, Owings & Merrill for Sears, Roebuck & Company. The building was renamed to Willis Tower in 2009 when UK insurer Willis Group Holdings leased 140,000 square feet at $14.50 per square foot. Watch an Associated Press video report on the marketing of the tower here.
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