If somebody else decides to go this route, this is the list of IP address as of 10/31/2016 on TechNet:
https://technet.microsoft.com/en-us/library/dn163583
Since Microsoft provides the list in the CIDR notation, but SmarterMail requires them in IP ranges, i had to change them all and this might be useful to somebody.
23.103.132.0-23.103.135.255
23.103.136.0-23.103.143.255
23.103.144.0-23.103.159.255
23.103.198.0-23.103.199.255
23.103.200.0-23.103.207.255
40.92.0.0-40.95.255.255
40.107.0.0-40.107.255.255
65.55.88.0-65.55.88.255
65.55.169.0-65.55.169.255
94.245.120.64-94.245.120.127
104.47.0.0-104.47.127.255
134.170.101.0-134.170.101.255
134.170.140.0-134.170.140.255
134.170.171.0-134.170.171.255
157.55.133.0-157.55.133.127
157.56.87.192-157.56.87.255
157.56.110.0-157.56.111.255
157.56.112.0-157.56.112.255
157.56.116.0-157.56.116.127
157.56.120.0-157.56.120.127
207.46.51.64-207.46.51.127
207.46.100.0-207.46.100.255
207.46.108.0-207.46.108.127
207.46.163.0-207.46.163.255
213.199.154.0-213.199.154.255
213.199.180.128-213.199.180.191
216.32.180.0-216.32.181.255
Also, if you are experienced enough with XML manipulation, you could paste the code below into this file and restart the SmarterMail service (i recommend adding one entry manually so you can locate the proper place to paste the rest):
C:\Program Files (x86)\SmarterTools\SmarterMail\Service\mailConfig.xml
<SmtpAuthBypassList>
<address>23.103.132.0-23.103.135.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>23.103.136.0-23.103.143.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>23.103.144.0-23.103.159.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>23.103.198.0-23.103.199.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>23.103.200.0-23.103.207.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>40.92.0.0-40.95.255.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>40.107.0.0-40.107.255.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>65.55.88.0-65.55.88.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>65.55.169.0-65.55.169.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>94.245.120.64-94.245.120.127</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>104.47.0.0-104.47.127.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>134.170.101.0-134.170.101.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>134.170.140.0-134.170.140.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>134.170.171.0-134.170.171.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>157.55.133.0-157.55.133.127</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>157.56.87.192-157.56.87.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>157.56.110.0-157.56.111.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>157.56.112.0-157.56.112.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>157.56.116.0-157.56.116.127</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>157.56.120.0-157.56.120.127</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>207.46.51.64-207.46.51.127</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>207.46.100.0-207.46.100.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>207.46.108.0-207.46.108.127</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>207.46.163.0-207.46.163.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>213.199.154.0-213.199.154.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>213.199.180.128-213.199.180.191</address>
<description>Office 365</description>
</SmtpAuthBypassList>
<SmtpAuthBypassList>
<address>216.32.180.0-216.32.181.255</address>
<description>Office 365</description>
</SmtpAuthBypassList>