Is it legal to sell naming rights to a historic landmark building?

Is it legal to sell naming rights to a historic landmark building?

The organization I work for owns a national historic landmark building, a historic theater that’s been around for a long time. We’ve considered selling the naming rights to the building, much in the same way stadiums throughout the country frequently do (i.e., the Staples Center, Minute Maid Park, 3Com Park, etc.). Plenty of places do it all the time. But I’m looking wondering if it’s legal and/or possible to sell naming rights to a building that’s been given National Historic Landmark status.

Asked on February 29, 2012 under Real Estate Law, Illinois

Answers:

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