Lease Up (Aug. 25-29) Toyota Continues U.S. Facilities Consolidation
Plus Other Major Corporate Moves from: AtriCure, B&G Foods, Bosch Group, Dealertrack, Hein & Associates, Servcorp, Tim & Eric, UBS, UPS, Wolfgang Puck and more
August 29, 2014
Toyota will move forward with the planning of its new facility on the York Township, MI, campus of the Toyota Technical Center to accommodate 250 direct procurement positions currently based in Kentucky.
The expansion of the TTC campus is a key element of Toyota’s ongoing consolidation of its North American operations, which includes the establishment of a new North American headquarters in Plano, Texas.
As part of this initiative, Toyota will move about 250 direct procurement positions from its manufacturing headquarters in Erlanger, KY, to a new facility to be built at the TTC campus in York Township.
Argos Signs for New Build-to-Suit HQs
Argos Therapeutics Inc. entered into a lease with TKC LXXII LLC for land and a 97,500-square-foot building to be constructed on 11 acres in Durham, North Carolina.
The facility will house its corporate headquarters and primary manufacturing facility.
The lease agreement is intended to replace the company’s existing lease, which currently expires in November 2016, at 4233 Technology Drive in Durham.
The lease will be 10 years, with the company having the option to extend by six five-year renewal terms.
Chef Wolfgang Puck Cooks Up New Corporate HQs
World-renowned chef and restaurateur Wolfgang Puck is relocating his corporate offices from Beverly Hills to Pacific Design Center’s (PDC) Blue Building.
Wolfgang Puck will have their entire operations at PDC including the corporate offices of Wolfgang Puck Worldwide, a test kitchen, and a filming kitchen and studio. These uses complement Puck’s existing catering operation and acclaimed Red Seven Restaurant, which is in the Green Building.
Originally built in 1975, the Blue Building is at 8687 Melrose Ave. in West Hollywood was the first of the three iconic, contemporary buildings comprising the 1.2-million-square-foot, PDC multi-use complex, which also includes the 797,000-square-foot Red Building and 450,000-square-foot Green Building.
Dealertrack On Track for New HQs
Dealertrack Technologies Inc. will relocate its headquarters to North Hills, New York.
The $112 million project will create 357 new jobs, retain 367 jobs and provide a more than $3 billion boost to the Nassau County economy. Dealertrack had been courted to move from Long Island to Texas, Utah, Florida, New Jersey and South Carolina.
Dealertrack, now in Lake Success, will construct a new a 233,000-square-foot building at 3400 New Hyde Park Road in North Hills. Construction is expected to take two years and is expected to create 552 full-time-equivalent construction jobs.
The new building will be owned by X-Cell III Realty Associates LLC, a joint venture of Castagna Realty, of Manhasset and Tritec Development, of East Setauket.
Don Catalano of Corporate Realty Consultants arranged the lease.
Servcorp Leases 35,000 SF at One World Trade Center
By Lea Brumfield
Servcorp, an Australia-based international executive office provider, signed a 15-year lease for a full "tower floor" on the 85th floor of One World Trade Center in New York City.
Known for its pioneering virtual office concept, Servcorp will offer boardrooms, private offices, and private workstations in its 34,775-square-foot space.
Designed by architects Skidmore, Owings & Merrill, the 104-story, iconic One World Trade Center will tower 1,776 feet above street level, with an expected completion date of October 2014. Partial owner The Durst Organization will also manage the 3.04 million-square-foot property.
"As the tallest building in the Western Hemisphere, One World Trade Center conveys both stature and status upon its steadily growing roster of tenants," said Jonathan (Jody) Durst, president of The Durst Organization. "By leasing a full floor in one of the world’s most prominent office buildings, Servcorp is making a smart business decision that will yield benefits for the company for many years to come."
Servcorp will join other notable tenants Conde Nast Publications, the property's anchor tenant leasing floors 20-44, Beijing Vantone Real Estate, leasing floors 65-69, the U.S. General Services Administration, leasing floors 50-55, and KiDS Creative, on the 87th floor, according to CoStar records. Servcorp's lease brings the tower to 57.5 percent pre-leased.
Durst is conducting the building's marketing campaign with Cushman & Wakefield, whose leasing team is led by Tara Stacom and includes Alan Stein, James Searl and Justin Royce, along with Jodi Pulice of JRT Realty.
Bosch Group Begins Construction on Plymouth Township Expansion Project
By Rudolph V. Walker III
Bosch Group, a global supplier of automotive technology and services, broke ground earlier this week on a 75-acre expansion project at the location of its technical center at 15000 N. Haggerty Rd. in Plymouth Township, MI.
The 220,500-square-foot expansion will accommodate the growth of several key technologies including automotive electronics, start/stop motors, electrical drives, and a multitude of safety and driver assistance systems. The additional space will also contain necessary lab and office space and will be able to hold up to 1,400 employees.
The expansion is expected to be completed in November 2015 and with it bring up to 200 jobs.
Harley Ellis Bevereaux has been selected as the architect.
B&G Foods Leases 445,942 SF in Park 840 Logistics Center
By James Lenning
B&G Foods, a shelf-stable foods distributor, signed a lease for 445,942 square feet in the industrial building at 14840 Central Pike in Lebanon, TN.
The one-story building totals 653,460 square feet in the Park 840 Logistics Center. Duke Realty Corp. developed the property in 2006, according to CoStar information.
B&G Foods includes 445,942 square feet on the first floor, bringing the property to 100% leased.
Patrick Brakefield and Michael Augustine with Chas. Hawkins Co represented B&G Foods. Lonnie Russell represented Duke Realty.
UPS Takes Old Blockbuster Space in McKinney
By Scott Herman
In a move that is expected to bring close to 120 new full-time jobs to the area, UPS has leased 215,000 square feet at 3000 North Redbud Blvd. in McKinney, TX. Addressing the growth in increased package volume, UPS will occupy part of the space formerly utilized by Blockbuster.
Known as Texas Crossing, the two-story industrial building totals 855,261 square feet in the Allen/McKinney Industrial submarket. E Smith Realty Partners is handling the leasing of the building.
Sharon Morrison of E. Smith Realty Partners represented UPS in its search for additional space. Terry Darrow of JLL represented Canadian-based building owner Marswik Inc., which acquired the facility in May of this year.
UBS Signs Deal at Legacy Tower
By Scott Herman
UBS leased 27,734 square feet at the soon-to-be-completed Legacy Tower at 7250 N. Dallas Pky. in Plano, TX.
The global financial services firm will be joined at the location by Murchison Oil & Gas, which signed a pre-lease for 26,718 square feet earlier this year. Construction is slated to wrap up in October 2014.
The 13-story, 342,000-square-foot office building will include a six-story parking garage, a fitness center and a conference center.
Dennis Barnes, Celeste Fowden and Hunter Lee of CBRE represented building owner Trammell Crow Co. in the deal. Michael Wyatt and Bill McClung of Cushman & Wakefield of Texas Inc. assisted UBS in finding this location.
Boston Senior Home Care Renews, Expands Long-Term Lease
Boston Senior Home Care Inc. is expanding its presence at the NonProfit Center, an office building at 89 South St. developed by Third Sector New England, for another 11 years after reworking its current lease and terminating another lease and sublease early.
Starting Oct. 1, Boston Senior Home Care will take 21,619 square feet on the entire 5th floor and the majority of the 8th floor of the office building, according to Third Sector’s commercial real estate advisor, Jeremy Roy with Newmark Grubb Knight Frank (NGKF).
The tenant currently occupies a total of 20,246 square feet through a 2nd floor sublease and two leases for space on the 7th floor and the full 5th floor with the landlord.
Ted Wheatley of JLL represented Boston Senior Home Care.
Hein & Associates Leases 19,000+ SF in Dallas
By Katerina Cheok
Hein & Associates LLP, an accounting and advisory firm headquartered in Denver, will relocate its Dallas office after signing a 19,398-square-foot lease at the Galleria North Tower II building at 13727 Noel Rd.
The 13-story, 306,244-square-foot, Class A office building was built in 1999 and earned LEED Silver certification in 2012. It sits just north of Galleria Dallas and adjacent to the Dallas North Tollway and LBJ Freeway in the Quorum/Bent Tree submarket.
"Hein & Associates sought to relocate into more efficient space that would allow for future growth while also reducing the firm’s existing real estate expense. We conducted a full-market search of multiple area submarkets with a primary focus on the North Dallas Tollway business corridor, which was their preferred locale," said Rob Pipkin of Mohr Partners who helped broker the lease.
Pipkin, in collaboration with Wayne Gray, Megan McFarland and Duane Snyder of Hein & Associates, represented the tenant. Dennis Barnes, Celeste Fowden and Hunter Lee of CBRE represented the landlord, Metzler North America.
AxelaCare Health Solutions Leases Office Property in Lenexa
By Christopher Anderson
AxelaCare Health Solutions, a medical provider, fully leased leased the 45,199-square-foot office building at 15501 - 15529 College Blvd. in Lenexa, KS.
The property is located in the Southlake Technology Park and was constructed in 1987. AxelaCare will relocate to its new space in February 2015.
Bob Cattanach and Chuck Connealy of Waterford Property Co. represented the landlord.
The Training Associates Corp Renews Westborough Lease
By Jonathan Gross
The Training Associates Corp. signed a lease renewal for its 17,190-square-foot space at 287 Turnpike Road in Westborough, MA.
Located in The Boroughs submarket, the 50,000-square-foot, fully-leased suburban office building is centrally located to I-495 and the Mass Turnpike and just south of the Indian Meadows Golf Club. Tenant amenities include a fitness center, food service, security system and 24/7 building access.
According to CoStar research, the staffing firm originally moved into the property in 2004, taking approximately 9,000 square feet.
Scott R. Hughes of New Dover Associates Inc. represented the owner, while Craig Johnston of R.W. Holmes Realty represented the tenant.
Great Job! Tim & Eric Lease New Television Production Facilities
Tim & Eric Inc., a television production company completed a 15,300-square-foot, five-year office lease in Glendale, California valued at $1.5 million.
Tim & Eric is relocating and consolidating space from several Hollywood locations.
The lease includes fully occupying two previously vacant buildings that include a 10,800-square-foot property at 1500 Flower St. and an adjacent 4,500-square-foot building at 1442 Flower.
The tenant will be using the larger building for its production and general office space. And the small building for studio and filming activities.
Roger Beck and Gelena Skya-Wasserman of Charles Dunn Co. represented the tenant. Stevenson Real Estate represented the landlord, Avalon Investment Co.
Tim Heidecker and Eric Wareheim, known collectively as Tim & Eric, are an American comedy duo and creators of the Adult Swim television series Tom Goes to the Mayor; Tim and Eric Awesome Show, Great Job!; and Check It Out! with Dr. Steve Brule.
AtriCure To Relocate to New HQs
AtriCure Inc. entered into a new building lease with landlord LM-VP AtriCure LLC to re-locate its headquarters and West Chester, Ohio, facilities from their current location to a building to be constructed on Innovation Way in Mason, Ohio.
The facilities will contain the company’s administrative, regulatory, engineering and product development, manufacturing and distribution functions.
The term of the lease is 15 years with three separate five-year renewal options.