Tech company outgrows its digs at 540 W. Madison

iManage is looking at 80K sf at nearby 71 S. Wacker

71 S. Wacker Drive and iManage CEO Neil Araujo (Credit: Google Maps)
71 S. Wacker Drive and iManage CEO Neil Araujo (Credit: Google Maps)

A Chicago tech firm that works in the cloud is looking for room to grow, albeit closer to street level.

Cloud-based document management-tech company iManage is negotiating a lease deal for 80,000 square feet at Irvine Company’s office tower at 71 S. Wacker Drive, according to Crain’s.

Should the deal happen, iManage would leave its 48,000-square-foot space at 540 W. Madison St in the West Loop, a venture led by Florida-based Third Millennium Group and New York investor David Werner.

According to Crain’s, iManage would lease part of the 145,000-square-foot block left behind by Goldman Sachs as it moves to higher floors at Irvine’s 1.75 million-square-foot tower, formerly known as the Hyatt Center.

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Irvine, based in Long Beach, California, has been trying to repopulate the office property since the hotel company left in 2017. The tower was 86 percent leased last year, according to Crain’s.

IManage’s departure isn’t a huge one for Third Millennium. The investors, who landed a $400 million refinancing in 2016, were able to ink anchor tenant Bank of America to a big extension and expansion to 405,000 square feet. Other tenants include DRW, SAC Wireless, Caterpillar and BMW.

The list of other tech companies that have expanded in Chicago in the last year includes Google, Uber and Lyft, though their real estate preference tends toward new product in Fulton Market. [Crain’s] — James Kleimann 

Correction: An earlier version misstated that WeWork had a lease at 540 W. Madison; it does not.