Willis seeking TIF subsidy for move to Sears Tower

(Crain's) — Willis Group Holdings Ltd. is seeking a $3.8-million city subsidy to pay for build-out of its new headquarters at Sears Tower, which will soon be renamed Willis Tower after the London-based insurance brokerage.

A tax-increment financing (TIF) redevelopment agreement for the project is on the agenda Tuesday for the city's Community Development Commission meeting.

A New York-based Willis spokesman said he knew the company had requested a subsidy, but didn't have details.

Willis and the owners of Sears Tower, 233 S. Wacker Drive, announced in March that the 110-story skyscraper would be renamed Willis Tower after the insurance broker, which is consolidating its local offices there and leasing about 140,000 square feet starting this summer.