Alight Solutions Reduces Footprint by 90% with Move to BMO Penthouse in Downtown Chicago

 

Introduction: In a strategic move, tech company Alight Solutions, led by CEO Stephan Scholl, is set to dramatically reduce its office footprint by 90%. The company will be bidding farewell to its current 200,000-square-foot space in Lincolnshire and embracing a more compact 16,000-square-foot area in the prestigious BMO Tower at 320 South Canal Street, boosting downtown Chicago’s appeal. The decision is seen as a significant win for the city while adding to the challenges faced by suburban Chicago, which already suffers from a sky-high office vacancy rate.

The New Headquarters: Alight Solutions has chosen the impressive 52-story BMO Tower, co-owned by Riverside Investment & Development and Convexity Properties, as its new headquarters. The upcoming relocation is planned to take place when Alight’s lease in the northern suburb expires next year, marking the beginning of a new chapter for the company.

Downtown Draw: Stephan Scholl emphasized the allure of downtown Chicago as a decisive factor in the relocation. The vibrant cityscape offers a unique appeal, attracting and retaining top talent. Additionally, being centrally located allows for better accessibility to clients, strengthening business relationships and facilitating potential collaborations.

A Positive Trend for BMO Tower: The lease agreement with Alight Solutions marks another success for the joint venture of Riverside and Complexity. The venture successfully completed the monumental 1.5 million-square-foot BMO Tower the previous year. Alight joins other notable tenants such as Molson Coors and Antares Capital, contributing to an impressive occupancy rate of approximately 77% for the building.

Impact on Lincolnshire: As Alight Solutions bids farewell to Lincolnshire, the departure poses challenges for the suburban community. Realty Income, the owner of Alight’s current office building at 4 Overlook Point, may face difficulties in finding new tenants to fill the void left by the tech company. Local officials express concerns over the economic impact, as Alight’s employees were an essential part of the town’s revenue generation, particularly for its restaurants and businesses catering to clients.

Conclusion: The decision by Alight Solutions to significantly reduce its office footprint and relocate to the BMO Tower in downtown Chicago marks a crucial shift in the company’s strategy. This move not only strengthens Alight’s position in a more compact space but also contributes to the vibrancy of the city’s central business district. While the suburban Chicago office market faces challenges, the joint venture of Riverside and Complexity can celebrate another leasing success with Alight’s arrival. The transition highlights the ever-changing dynamics of the corporate world, where businesses make strategic decisions to optimize their operations and explore new opportunities.

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