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IBM Says Cleveland is a Great Place to do Business
Funding was finalized this week for the first new construction building on the Opportunity Corridor. Located at the intersection of E 105th and Cedar Rd. a new commercial office building will be constructed on what is currently a parking lot.
In a partnership with the Cleveland Clinic, Geis Companies/Hemmingway Development will build the new headquarters of world renowned Explorys—An IBM Company. The building will be two-stories and contain 43,000 SF of office space.
Explorys was founded in 2009 as an innovation spinoff from the Cleveland Clinic. Explorys addressed the national imperative to leverage big data in healthcare for the improvement of medicine and delivery of care, identifying patterns in diseases, treatments, and outcomes. Since its founding, Explorys has developed the world’s most scalable platform and one of the largest healthcare databases. Explorys’ secure cloud-computing platform is being used by 26 major integrated healthcare systems in the United States, including Cleveland Clinic, with patients in all 50 states.
Explorys has grown steadily since it spun off from the Cleveland Clinic in 2009 with its headquarters in University Circle. In May 2015, IBM a publically traded and Fortune 100 Company, acquired the rapidly growing Explorys.
Currently, there are 170 employees with the company. With the construction of the new facility, Explorys will create 125 new jobs by December 31, 2018, with an average salary of $106,000. These positions will be highly skilled, technical positions such as software engineers, designers, data scientists and will also include marketing & sales.
The total development cost for the project is $11.1 million. The City of Cleveland will provide a HUD 108 loan as well as a 10 year, 60% abatement.
"We want to make Northeast Ohio the epicenter of health care transformation worldwide," said Stephen McHale, and Explorys co-founder and the company's chief executive officer. "We think we can lead the way....This is our opportunity to really grow more health IT here and lead the market. It's really, really important and very exciting."