Impact Networking will nearly triple its space in an iconic Michigan Avenue office tower under a new 13-year lease extension.
The Lake Forest-based managed service provider is expanding to 19,000 square feet on the 40th and 41st floors at 150 North Michigan Avenue, according to CBRE. It had been occupying 7,000 square feet on the 21st floor.
The new lease gives the company a penthouse suite at the top of one of the most distinctive pieces of the Chicago skyline. Its logo will be featured prominently on the building as well, according to CBRE.
Impact will also have an elevator with private access to the 40th and 41st floors, as well as a private interior staircase connecting both floors.
CBRE’s Bill Sheehy and Brian McDonnell represented Impact in the transaction, while the brokerage’s Sara Spicklemire, Seth Tuscher and Kelsey Scheive represented the building’s owners, CBRE Global Investors.
CBRE Global Investors bought the building from John Hancock insurance in June 2017 for $129 million, one of the biggest investment sales of the last two years.
A recent Colliers International report said the downtown office market was stabilizing, as increased tenant demand helped absorb a surge in new inventory.