Universal Ramblings

Thats right.

The iconic building of Chicago, the Sears Tower, will be getting a new name changes this summer. The largest building in the western hemisphere will soon be called the Willis Tower, named for the new owner – Willis Group Holdings, a London-based insurance broker.

Willis will move nearly 500 associates into Willis Tower, the 36-year-old skyscraper located at 233 S. Wacker Dr – Chicago, IL 60606

The renaming of Sears Tower points up one of the fundamental aspects of marketing – that of brand equity. By virtue of marketing and 25 years of public relations, the name Sears Tower has enormous cachet around the world and has brought the city the kind of exposure that can’t be quantified.

While the Sears Tower never had the romantic or nostalgic brand personality of the Empire State Building or the Wrigley Building, it was nevertheless a signifier of cosmopolitan cool and Midwestern expansiveness.

Then there’s the economic impact. I haven’t seen a study of how much iconic buildings add to an economy, but consider how much exposure the Petronas Towers brought the previously obscure city of Kuala Lumpur, or the expected windfall that Taipei will reap from Taipei 101 – the world’s tallest new building. Sears Tower did that for Chicago and part of its franchise is the iconic name.

The Willis Tower will undergo a $350 million green remodeling effort at the 110-story skyscraper, including wind turbines, green roofs and solar panels, CBS station WBBM-TV reports.

Owners and architects said Wednesday that the plan will reduce electricity use in the building by 80 percent and save 24 million gallons of water a year.

Plans also include construction of a 50-story, 500-room luxury hotel next door. The hotel will be constructed at Wacker Drive and Jackson Boulevard, and will be designed by Adrian Smith, who was also chief designer of the recently finished Trump International Hotel & Tower.

In addition, there will be a new park at Wacker Drive and Adams Street, with new landscaping and seating. The granite wall that now graces the Adams Street side of the Sears Tower will be replaced by an interactive digital display, glass storefronts, and trees that will be planted on a landscaped terrace

Time will tell whether Willis Tower can build the same brand value.