IMO Expands Chicago Footprint With Downtown Lease
- Mar 26, 2019
Intelligent Medical Objects has leased a 13,424 square feet of office space at the Inland Steel Building, a Class A, 19-story asset in downtown Chicago, an area where office space is in high demand. Savills represented the tenant in the transaction, while MBRE advised Capital Properties, owner of the building since 2007, according to Yardi Matrix data.
With a recent headquarters relocation to Rosemont, Ill., near O’Hare International, the company has increased its overall Chicago-area footprint by almost 100 percent. Inland Steel Building is the first permanent downtown location for IMO, as the company is set to move from its current WeWork space at 100 S. State St. in the second quarter of 2019. The lease comprises the entire 18th floor and there is possibility for expansion to the above and below floors. The office space will initially host approximately 75 employees.
Located at 30 W. Monroe St., the 228,980-square-foot Inland Steel Building was chosen mainly because of its proximity to the CTA Blue Line and easy access to IMO’s Rosemont headquarters via Interstate 90. According to Yardi Matrix data, the 19-story building was completed in 1958 and renovated in 2010.
Savills’ Jon Azulay, Robert Sevim and Adam Southard advised IMO in the lease, while Rich Dale and Loredana Perri of Savills’ Project Management Services are supervising office build-out and relocation. Mark Buth and Kelsey Morgan of MBRE represented the owner.
“Tenants with dual locations in the suburbs and downtown has been a major trend,” said Sevim, in prepared remarks. “We should expect to see more expansions and relocations from companies to attract the best incoming talent and in close proximity to a diverse range of businesses.”
Image courtesy of Yardi Matrix