Newmark Knight Frank (NKF) has successfully advised Iterum Therapeutics US Limited, the U.S. subsidiary of Iterum Therapeutics plc, in leasing 10,318 square feet at 200 S. Wacker Drive in Chicago for its U.S. headquarters. Headquartered in Dublin, Ireland, Iterum Therapeutics is a clinical-stage pharmaceutical company dedicated to developing anti-infectives aimed at combatting the global crisis of multi-drug resistant pathogens.
Relocating from 200 W. Monroe Street in Chicago, Iterum Therapeutics worked with NKF to find larger, more flexible space for its fast-growing U.S. headquarters needs. NKF executive managing director Geoffrey Kasselman, SIOR, LEED AP and director Matthew Whipple led the brokerage team representing Iterum Therapeutics, along with NKF vice chairmen Bob Chodos, SIOR and Steve Levitas. The team provided site selection services, along with lease negotiations and financial analyses, ultimately securing the long-term lease at 200 S. Wacker Drive based on its West Loop location and flexible lease terms.
“We are pleased to have helped Iterum Therapeutics once again,” said Kasselman, who has previously worked with Iterum Therapeutics on its other real estate needs. “It is gratifying to support the firm’s growth in any capacity.”
Iterum Therapeutics recently took occupancy of the new Class A space, having already occupied interim “swing space” at 200 S. Wacker Drive to bridge the gap until their new space was ready. Ironically, some Iterum Therapeutics executives previously designed and occupied the same suite within 200 S. Wacker when they were with a different biopharmaceutical company, resulting in a “serendipitous homecoming” of sorts for the executives.
“The NKF team scoured the market and generated several creative opportunities for us, but when this familiar space was presented near the trains and fully furnished, we knew in our hearts that this is where we wanted to be,” said CEO of Iterum Therapeutics plc, Corey Fishman. “We are grateful that it worked out like it did.”