Business Services Industry
What's in a name? Perhaps $10 mil. Deal opens door to rechristening Sears Tower.(News)
Crain's Chicago Business, April, 2004 by Gallun, Alby
Byline: ALBY GALLUN and DOROTHY KRONICK It's called the Sears Tower now, but for $10 million a year, you can call it anything you like. Once a group of New York real estate investors complete their purchase of the world-famous skyscraper this spring for about $840 million, they will have the chance to sell a part of the building: its name.
Sales documents estimate that naming rights for the Sears Tower and sponsorship rights for its Skydeck observatory could generate as much as $10 million annually for the new owners, according to people who have seen the documents. Renaming the icon is unfathomable to some, akin to slapping a new name on Wrigley Field-even though Sears, Roebuck and Co. no longer owns or occupies the building it opened as the world's...
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