About two months after announcing its headquarters move to Chicago, Archer Daniels Midland Co. has a new home — one that recently lost the headquarters of another Fortune 500 company.
ADM will have about 100 employees at 77 W. Wacker Drive, formerly known as the United Building, an ADM spokeswoman confirmed.
The company leased 45,827 square feet near the top of the 51-story tower, said the building's general manager, Myrna Coronado. The deal does not include naming rights, said Ms. Coronado, a vice president at Chicago-based Jones Lang LaSalle Inc.
ADM, the largest company in Illinois by revenue, will move this summer into the 46th and 47th floors, according to the ADM spokeswoman. Of the 100 employees, about 60 will move from Decatur and the rest will be new hires over time, she said.
“We chose the building because it offered the right amount of space in a good location with favorable terms,” the spokeswoman said.
ADM said in December that it would move its headquarters to Chicago.
ADM looked at several towers in downtown Chicago, including 77 W. Wacker, where it also could have subleased space from United Airlines. The airline moved its headquarters last year to Willis Tower, where it already had an operations center.
But instead of a sublease, ADM inked a deal with the property's owner, a pension fund for Ohio teachers, for two floors higher in the tower overlooking the Chicago River. Ms. Coronado declined to disclose the length of the lease.
“We're pleased to be the building of choice,” she said. “It's a great deal for the building.”
The 959,258-square-foot tower, which opened in 1992, originally was headquarters of R.R. Donnelly & Sons Co. The printer moved out in 2005.
ADM was represented in the lease by brothers Jason and Richard Schulz, CEO and president of Chicago-based brokerage J. Rich Co. Jason Schulz declined to comment.