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CHICAGO-Monitor Group, headquartered in Cambridge, MA, recently expanded to 35,876 sf at One Illinois Center, the one-million-sf 111 E. Wacker Dr. The term of the lease extension is 11 years. The management consulting firm is more than doubling their space in the building, expanding by 21,705 sf.

The company needed to expand due to the acquisition of Chicago-based consulting firm Doblin, says Rick Schuham, EVP of Studley. Doblin had been leasing approximately 17,000 sf at 330 N. Wabash Ave., he says. Schuham represented Monitor Group in the lease transaction. Brian Whiting and Jack McKinney Jr., both with J.F. McKinney & Associates, represented building owner Parkway Properties in the transaction.

Monitor Group is expected to move into the expanded space in July, Schuham says. The deal included a “significant tenant improvement package” in addition a “free rent component,” he says. “It was a very aggressive set of economics.” The asking lease rate in the building is $15.50 per sf net. The building is about 96% leased. Major tenants in the building include Blue Cross Blue Shield and the Chicago Federal Home Loan Bank, Schuham says.

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