IMC Expands at Willis Tower with 100K sf Addition

A Dutch trading firm is expanding its presence in Chicago’s most iconic skyscraper, adding space for the second time while most office tenants in the Loop are doing the opposite.

IMC struck a deal to add about 100,000 square feet of office space at Willis Tower, boosting its space in the 110-story, 4.5-million-square-foot skyscraper at 233 South Wacker Drive to more than 250,000 square feet, according to people familiar with the situation and first reported by CoStar. The expansion marks IMC’s second significant growth spurt in the building in less than four years.

The deal builds on a 2022 lease extension in which IMC added roughly 50,000 square feet at the former Sears Tower as part of a 10-year commitment. JLL broker Matt Carolan represented the tenant in the latest transaction. Blackstone, the owner of Willis Tower, was represented by Telos Group brokers Nikki Kearn, Jamey Dix, JD Parcheta and Jamai Brown.

Large tenant expansions have been scarce across major U.S. cities as companies reassess space needs in a hybrid work era, the outlet reported. Scoring a six-figure expansion in the tallest building in the Western Hemisphere is no small feat.

The deal follows Blackstone’s recent agreement with lenders to extend the maturity on more than $1.3 billion in debt tied to Willis Tower as far as 2030, with extension options. The refinancing bought time for the private equity giant, which has poured hundreds of millions into upgrading the 1,451-foot-tall property since buying it in 2015.

In recent months, Blackstone has also quietly approached a small group of investors willing to assume the building’s $1.3 billion securitized mortgage, according to a Green Street’s Real Estate Alert published in January. Eastdil Secured is running those conversations, sources told the outlet.

IMC declined to comment to CoStar on why it needs more space. The Amsterdam-based market maker has steadily expanded its Chicago presence since opening a local office in 2000. The Chicago operation is now the firm’s largest globally, employing more than 650 people, according to IMC’s website. The company also maintains offices in London; Hong Kong; Sydney; Mumbai; Zug, Switzerland; and Aarhus, Denmark.

IMC’s expansion isn’t the only sign of life in the Loop. Engineering firm Sargent & Lundy recently added three more floors at the building at 77 West Wacker Drive, pushing its total stake there past 447,000 square feet ahead of an August move from 55 East Monroe Street. Smaller expansions have also cropped up in the Loop and River North in recent months.

— Eric Weilbacher