John Hancock Center Loses Its Name
Chicago's third-tallest building is now nameless. John Hancock Life Insurance asked Hearn to remove its name and logos throughout the 100-story tower, effective immediately, the Chicago Tribune reports. For the time being, the building will officially be known by its address, 875 North Michigan Ave.
The John Hancock name has been associated with the building since its construction. But the most recent naming rights deal expired shortly after a Hearn-led venture purchased the office and parking portions of the skyscraper in 2013, and John Hancock has not had a presence in the building for several years.
The decision to remove the John Hancock name from the building coincides with Hearn's decision to pull the building from the market. The firm retained Eastdil Secured in September to market the property for a sale. Hearn CEO Stephen Hearn said at the time the tower could command $330M bids. Hearn told the Tribune the firm decided to hold on to the property for another two to three years, and is in the process to secure a new naming rights deal.
Naming rights could generate $1.5M annually. By comparison, when Willis Group Holdings became the largest tenant in the former Sears Tower nine years ago, naming rights were included in the lease.