A medical video game company has inked a sizable sublease deal at an Ivanhoe Cambridge-owned office tower.
Level Ex closed on a deal to sublease about 20,000 square feet at 180 North LaSalle Street from Atlanta-based marketing firm Newell Brands. The space, which occupies the entire fifth floor, can accommodate up to 125 employees.
The 38-story office tower at 180 North LaSalle Street spans 760,000 square feet and is owned by Canadian fund manager Ivanhoe Cambridge.
Level Ex, a five-year-old company which makes mobile, augmented reality and virtual reality video games for physicians, will be moving from another office in River North, Savills said in a press release.
“Subleases are currently in high demand with these companies because they generally offer competitive rates and greater term flexibility,” said Savills broker Jon Azulay, who negotiated the deal on behalf of Level Ex alongside Adam Mitchell. “This helps avoid long term commitments and allows the company to invest dollars in the business rather than spending additional capital on office space.”
Other tech firms have targeted the River North area in recent months. In July 2019, two massive tech companies inked significant leases in the area. Active Campaign extended their footprint at 1 North Dearborn Street and Showpad signed a lease expansion in Shorenstein Properties’ 1 North State Street.
Newell, which did not immediately respond to a request for comment, was represented by James Stein and Jack Tunnicliff from Cushman & Wakefield.
Correction: An earlier version of the story said the property is in River North; Level Ex’s former office was in River North.