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Lease Up (Aug. 18-22): Duke Realty Lands Two Big HQs Assignments

Major Corporate Moves from: Aetna, Akerman, Axxess Technology, Blue Stream Labs, ChannelAdvisor, Ciena, DLA Piper, Elephant Insurance, EMC, Mannan Pharmaceuticals, Maplehurst Bakeries and Wal-Mart eCommerce
August 22, 2014

ChannelAdvisor Signs for 136,500 SF of Office Space

ChannelAdvisor Corp. and Duke Realty entered into a new headquarters office lease for Suites 100, 300, 400, and 500, comprising 136,538 rentable square feet of a building to be constructed by landlord at 3025 Carrington Mill Blvd. in Morrisville, North Carolina.

The term of the lease commences on the completion date, which is targeted to be Oct. 15, 2015. The initial term of the lease is for seven years.

Beginning on the Commencement Date, minimum annual rental payments will be $23.50 per square foot.

Duke Realty Building Maplehurst Bakeries’ New Facility

Maplehurst Bakeries LLC’s will be moving to a new 181,169-square-foot facility in Lebanon Business Park off I-65 in Lebanon, Indiana. The building, which will be constructed on a 11.4-acre parcel in the northeast corner of the park on Mt. Zion Road, will be used as a baking and distribution center for the Brownsburg, Indiana-based company that produces and sells frozen baked products to in-store bakeries and grocery retailers in North America.

Duke Realty Corp.’s Indianapolis office has been selected as the general contractor.

Construction of Maplehurst Bakeries’ new facility will begin this month with delivery slated for late March 2015. The building will include a 50,000-square-foot freezer/cold dock area, office and warehouse/production space and 32' clear height.

Bryan Poynter with Cassidy Turley represented Maplehurst Bakeries. Duke Realty was represented by Rich Prestholt and Blaine Paul and Kate Ems.

Wal-Mart eCommerce Signs 127,000-SF Lease at Sunnyvale Business Park

By Eric Kies
Wal-Mart eCommerce leased a total of 127,000 square feet at 680 and 840 West California Ave. in Sunnyvale, CA and will move into the buildings in September and December, respectively.

The flex buildings are located within the Sunnyvale Business Park, a nine-building office park owned by Principal Real Estate Investors that totals approximately 600,000 square feet.

The recent deal follows Wal-Mart's 182,265-square-foot lease of two other buildings in the same park, 600 and 860 W. California Ave.

Luke Wilson of Colliers International in Redwood City represented Wal-Mart. Susan Gregory, Kevin Moul and Dave Sandlin of Colliers International in San Jose represented Principal Real Estate Investors.

Aetna Leases 53,824 SF at 333 W. Wacker

By Ariel Levin
Heath insurer Aetna signed a lease deal for 53,824 square feet across the 21st and 22nd floors of 333 W. Wacker Dr. in downtown Chicago.

Currently located on the 12th floor of 1 S. Wacker Dr., Aetna is one of the nation's leading providers of health, dental, group life, disability, and long-term care benefits. The company is set to relocate from 1 S. Wacker in March 2015.

Brian Atkinson of Hines represented the landlord in the deal, while JLL and Savills Studley represented Aetna.

Ciena Corp. Leases 53,200 SF in Alpharetta

By Michelle Nguyen
The Ciena Corp., a global supplier of telecommunications networking equipment, signed a six-year lease for 53,200 square feet at 1185 Sanctuary Parkway in Alpharetta, GA.

Ciena Corp.’s lease covers the entire third and fourth floor and brings the building to fully leased. The building's other major tenant is the Colonial Pipeline Co.

The six-story Oak View II office building totals 152,366 square feet and is located in the Sanctuary Park office complex.

William Kilborn of CBRE represented Ciena Corp. and Jeff Bellamy and Adam Viente of JLL represented the building owner, an affiliate of JPMorgan Chase.

Akerman Signs Lease Renewal in Tampa

National law firm Akerman LLP completed a 39,158-square-foot lease renewal and expansion for its Tampa regional office at SunTrust Financial Centre in Tampa’s Central Business District. The law firm expanded to take the entire 16th floor and will also continue to occupy the 17th floor at the 36-story Class A office tower.

Located at 401 E. Jackson St., the 527,237-square-foot SunTrust Financial Centre is currently 88% leased.

Considered a leading transactions and trial law firm, Akerman has more than 600 lawyers and government affairs professionals and a network of 20 offices. The law firm is ranked among the top 100 law firms in the United States.

JLL vice president Sharon Bragg represented the tower’s ownership, Brookdale Investors Six LLP. Akerman was advised by Ryan Reynolds and Jimmy Garvey of Cassidy Turley.

DLA Piper Doubles Space at Southeast Financial Center

Global law firm DLA Piper signed a long-term lease to expand its space by 22,500 square feet, taking the entire 24th floor in addition to its current footprint on the 25th floor for a total of 45,134 square feet at Southeast Financial Center at 200 S. Biscayne Blvd. in Miami

DLA Piper signed its first lease at Southeast Financial Center, Florida’s tallest and largest office tower and plaza totaling 1.225 million square feet in the heart of Miami’s Central Business District, when it entered the Miami market in 2011, and committed long-term within eight months, taking the entire 25th floor.

Southeast Financial Center has undergone notable capital improvements totaling $20.5 million since late 2008, including lobby renovations, technological enhancements, and a newly designed and activated plaza.

Axxess Technology Relocates Corporate HQs

Axxess Technology Solutions Inc. signed for a 25,000-square-foot headquarters expansion and relocation to Tollway Plaza in North Dallas. Axxess expects to relocate to their new headquarters at 16000 N. Dallas Parkway later this fall.

Tollway Plaza offers modern, Class AA office space in Far North Dallas’ Lower Tollway submarket. Comprised of two, eight-story towers, Tollway Plaza boasts 370,073 square feet with convenient access to the Dallas North Tollway.

Brant Landry, Sharon Morrison and Damian Rivera of E Smith Realty Partners provided tenant representation for Axxess; while Shannon Brown with CBRE represented the landlord, CBREI.

Blue Stream Labs Doubles Space in Move to Woburn

Blue Stream Laboratories, an advanced analytical laboratory, will occupy 13,000 square feet at 8 Henshaw St. in Woburn, Massachusetts, in September. The company is relocating and expanding from their current location at 763 Concord Cambridge.

8 Henshaw is a 79,678-square-foot building offers a combination of office, light manufacturing and lab space in a highly accessible location.

CBRE/New England’s Matt Siciliano, first vice president, represented the tenant. Landlord Cummings Properties was self-represented.

Mannan Pharmaceuticals Establishing R&D Ops in Greenville

Mannan Pharmaceuticals LLC is establishing research and development (R&D) operations in Greenville County, SC.

In locating at the Institute for Translational Oncology Research (ITOR) of Greenville Health System (GHS), Mannan plans to expand its R&D team to create up to 34 new positions over the next several years.

Mannan Pharmaceuticals LLC is a privately held company and had been considering locations nationwide before deciding to open at ITOR, according to the company. Mannan expects to add up to three more associates in 2014 and then will continue to grow and expand its team over time, as investment and developments warrant.

Elephant Insurance Relocates National HQs

By Kyle Sellers
Elephant Insurance, a Richmond-based insurance firm, is moving their national headquarters to 9950 Mayland Drive in Richmond, VA. The firm leased 54,000 square feet of the Deep Run Business Center, also HQ of Allianz Global Assistance.

At lease-signing, Elephant Insurance was on 140 E Eastshore Drive in Glen Allen, VA. According to CoStar records, they moved in 2012. Their occupancy on the 1st floor of their Glen Allen is significantly smaller than their space to be occupied in the Deep Run Business Center.

According to a landlord representative, the tenant will be operational in early 2015. Allianz Global Assistance put a portion of the third floor and the entirety of the fourth floor of the Deep Run Business Center on the market for sublet in early 2013. Elephant Insurance will be taking the entirety of the fourth floor.

Scott Durham of CBRE | Richmond represented the tenant; while Charlie Polk and Jimmy Appich of JLL represented the landlord.

EMC Maintains Franklin Location With 192,000-SF Renewal

By Bryce Meyers
EMC Corp. signed a 192,000-square-foot lease renewal that will see the IT storage hardware solutions provider maintain its manufacturing location at 109 Constitution Blvd. in Franklin, MA.

The single-tenant industrial facility delivered in 2000 within the nearly 20-building Franklin Industrial Park in Boston's I-95 Corridor South Industrial submarket. It was constructed in close proximity to I-495 at exit 16, roughly 25 miles southwest of downtown Boston.

The high-bay building features 30-foot clear heights, 18 loading docks, two drive-in bays and ESFR sprinkler systems. EMC initially leased 144,000 square feet before signing a deal for the remaining 48,000 square feet in 2011, according to CoStar information.

John Lashar, Paul Leone and Danielle DeMarco of Transwestern RBJ Partners negotiated the lease on behalf of TIAA-CREF, which also owns the adjacent 111 Constitution Blvd. building.
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