Newly rebranded Savills completed a 13,424-square-foot lease on behalf of medical technology company, Intelligent Medical Objects (IMO), in the historic Inland Steel Building at 30 W. Monroe St. in Chicago. This move marks a new downtown presence for the company as it recently announced its headquarters relocation Rosemont. With both leases complete, the company has increased its overall footprint by almost 100 percent.
IMO, the market leader in terminology solutions for healthcare enterprises, will move from its current WeWork space at 100 S. State St. in Chicago to the new location this summer. The lease, which encompasses the entire 18th floor, is unique for a tenant of this size. There are flexibility provisions in place for future growth to expand to the above and below floors. The office will initially house approximately 75 employees.
This is the first permanent downtown office space for IMO. The Inland Steel Building was selected because of its wide-open, unobstructed layout, deep floor areas, proximity to the Chicago Transit Authority's blue line and access to IMO's Rosemont headquarters. The location provides greater reach in conducting business and supports the company’s continued emphasis on attracting and retaining the best talent and offering an exceptional working environment. IMO has received the Chicago Tribune’s “Top Workplaces” honor for five consecutive years, beginning in 2014.
“We are excited to expand into a permanent downtown location at the Inland Steel Building,” said IMO President and CFO Dan Watanapongse. “The accessibility to our headquarters in Rosemont as well as the highly-desired loop location is exactly what we were looking for to solidify our roots in the Chicago market.”
Savills Jon Azulay and Robert Sevim advised IMO in the transaction, along with Adam Southard. Rich Dale and Loredana Perri, members of the firm’s Project Management Services practice, are overseeing office build-out and relocation.
“The central business district has long served as an epicenter for companies looking to expand their businesses in a highly attractive area,” said Azulay. “The historic significance of this particular building combined with easy accessibility from the suburban headquarters make this the ideal location for IMO’s Chicago expansion."
“Tenants with dual locations in the suburbs and downtown has been a major trend,” said Sevim. “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.”
Mark Buth and Kelsey Morgan of MBRE represented the owner, Capital Properties.