Savills completed a corporate headquarters relocation for medical video game company, Level Ex, to 180 N. LaSalle Street, a 38-story, 760,000-square-foot Class A office tower in the Chicago Loop. The tech firm’s new location is more than 20,000 square feet, double the size of its previous office in River North. Its expanded footprint can now accommodate up to 125 employees. The sublease commenced in early 2020 and includes the building’s entire 5th floor.
Savills corporate managing director, Jon Azulay, and senior managing director, Adam Mitchell, advised the growing company in lease negotiations. The sub-landlord, Newell, was represented by James Stein and Jack Tunnicliff at Cushman & Wakefield.
“Since its founding five years ago, Level Ex has been on a rapid growth trajectory. The company has launched several mobile games for physicians, has 500,000 healthcare professionals playing its games and saw a 75 percent increase in personnel in 2019,” Azulay said. “Because the business is expanding so quickly, it needed a space that could not only handle continued growth, but something turnkey that could support seamless and efficient operations.”
Level Ex creates mobile, augmented reality and virtual reality games for physicians. The company uses state-of-the-art video game technology and cognitive neuroscience to capture the challenges of practicing medicine.
“As a leading tech city, Chicago continues to attract startups and established tech companies in search of funding, talent and a more affordable workforce in comparison to select markets on the East Coast or West Coast,” Azulay said. “Level Ex’s move is a prime example of the robust growth of the technology industry in the city. Subleases are currently in high demand with these companies because they generally offer competitive rates and greater term flexibility. This helps avoid long-term commitments and allows the company to invest dollars in the business rather than spending additional capital on office space.”
180 N. LaSalle Street, which is owned by Ivanhoe Cambridge, is located at the corner of LaSalle and Lake streets. The property benefits from close proximity to retail, dining and cultural amenities, as well as the Chicago Riverwalk. It is situated within minutes of the Metra and Amtrak rail stations, sits directly across from the CTA elevated subway hub in the Thompson Center, and offers access to a 900-space parking garage.