Lease Up (Aug.4-8): NeueHouse Bringing Ritzy Coworking Space To Hollywood
Other Major Corporate Moves from: AMEC, Bristol-Myers Squibb, GlycoMimetics, JGC America, Merrill Lynch, Natixis, PwC and William Morris Endeavor Entertainment
August 4, 2014
By Hubert Smith III
NeueHouse, the trend-setting shared workplace provider that caters to 'solopreneurs' and small start-ups working in the arts and entertainment sectors, is bringing its private membership collective workspace concept to Los Angeles.
The New York City-based firm leased all 93,000 square feet of office space in the Radio and Business Buildings in Kilroy Realty Corp.'s Columbia Square redevelopment of the former CBS broadcasting facility at 6121 W Sunset Blvd. in Los Angeles.
According to Kilroy Realty, the lease is the largest to be signed in Hollywood in more than five years.
NeueHouse will occupy the newly renovated, historical Radio and Business buildings that anchor Columbia Square, a $400 million, 685,000-square-foot mixed-use office, retail and residential development Kilroy is building on Sunset Boulevard.
This will be the second location for NeueHouse, which was founded by venture capitalists Joshua Abram and Alan Murray. The first location opened in May 2013 in New York City's Flatiron district and sold out within three months. The firm plans to open 20 collaborative offices around the world by 2020.
Members have access to onsite recording studios, post-production and broadcast facilities, conference and screening rooms, and private dining rooms with in-house food service. It also hosts events and guest speakers for its members, including evenings with artists, performers, film screenings and lectures.
Carl Muhlstein of Jones Lang LaSalle represented the landlord and Steve Kolsky and Neal Golden of Newmark Grubb Knight Frank represented NeueHouse, which has agreed to work with Kilroy Realty to source other West Coast locations.
The firm is reported to be interested in opening locations in San Francisco, Seattle, Miami and London, as well as expanding in New York in the near future.
11 Madison Brings in Top Talent Agency
By Ashley D. Stockton
William Morris Endeavor Entertainment, an international talent agency, signed a long-term lease for 70,425 square feet, taking the entire 18th floor of 11 Madison Ave. in New York City.
The agency's client list includes Justin Timberlake, Lady Gaga, and 2 Chainz among many other celebrities.
Metropolitan Life Insurance Plaza is a 30-story, 2.35 million-square-foot, 4-Star office building originally constructed in 1932 on 1.9 acres in the Gramercy Park submarket of Manhattan, between 24th and 25th Streets. Credit Suisse Branch anchors the tower, owned by The Sapir Organization and CIM Group LP.
Brian Goldman of Newmark Grubb Knight Frank and John Mambrino of Savills Studley represented the tenant. Bradley Gerla, Zachary Freeman, and Howard Fiddle with CBRE represented the landlord.
Bristol-Myers Squibb Leases an Additional 61,000 SF
Bristol-Myers Squibb signed a 10-year lease for 61,000 square feet of additional laboratory and office space at BioMed Realty Trust’s Woodside Technology Park life science campus in Redwood City, California. The Redwood City campus will serve as Bristol-Myers Squibb’s hub for discovering pioneering cancer therapies in the emerging field of immunotherapy.
With this lease, Bristol-Myers Squibb will fully occupy two of the three buildings at the campus totaling 194,100 square feet as the company continues to further strengthen its presence in the Bay Area, and will provide additional capacity to conduct biologics drug discovery research at Woodside Technology Park.
Currently, Bristol-Myers Squibb is leasing the entire 700 Bay Road building on the campus comprising 133,100 square feet. In addition to expanding Bristol-Myers’ footprint at Woodside Technology Park, the companies agreed to extend the term of the lease on the 700 Bay Road building, previously expiring in December 2022, by an additional 30 months.
The Woodside Technology Park has three laboratory and office buildings which encompass 256,000 square feet in the heart of the Bay Area’s Peninsula life science and high-tech communities.
PwC Signs Long-term Lease in Downtown Seattle
PwC US commitment to a future in downtown Seattle by signing a 12-year lease in their current location, the US Bank Centre at 1420 Fifth Avenue.
PwC professionals will make their move into two new floors of the facility in early 2015. Its current lease on floors 18 and 19 were set to expire in February 2015.
The new floors were not identified but according to CoStar Group, there was approximately 42,000 square feet of contiguous space available in the building on floors 14 and 15.
PwC has had a presence in downtown Seattle since the city's renaissance in 1907, when Price Waterhouse opened their first Pacific Northwest office.
The office will be equipped with state-of-the-art technology, including the latest media sharing and collaboration tools. The interior office space is being designed to attain LEED Silver status.
In addition, the new layout has been specifically designed to feature highly collaborative and unique workspaces in response to key findings from PwC's NextGen Study. The study found that millennials place a high priority on workplace culture and desire a work environment that emphasizes both teamwork and a sense of community. Baldwin noted that the layout of the new space will also enhance knowledge sharing and cater to the mobile worker.
"As our business and that of our clients continues to evolve, we recognize that technology and tomorrow's talent base will change the way we work," added Baldwin. "The new office design reflects this, emphasizing teaming, personal flexibility and efficiency."
When selecting the location, PwC considered where its clients are located, as well as where its people live, including traffic and commuting options. Prior to committing to the US Bank Centre, PwC evaluated a number of options throughout the metropolitan area, but found the surrounding neighborhood and convenience to amenities such as a number of dining options, fitness centers, retail and hotels favored the existing building location.
Baldwin concluded "The city's confluence of talent, technology and its incredible culture and growth narrative have convinced us that Seattle, and more specifically downtown Seattle, will continue to be an ideal environment for our people to thrive."
GlycoMimetics Signs for New HQs
GlycoMimetics Inc. entered into a lease with BMR-Medical Center Drive LLC for 33,843 square feet of space at 9708 Medical Center Dr. in Rockville, MD for its corporate headquarters.
The lease is expected to commence in the fourth quarter of 2015 and continue through Oct. 31, 2023 with an option to opt-out effective as of Oct. 31, 2020.
GlycoMimetics will relocate from its current location at 401 Professional Dr. in Gaithersburg, MD.
Natixis Inks 128,000-SF Lease Deal
By Bryce Meyers
Paris-based Natixis Global Asset Management will relocate its U.S. corporate headquarters from 399 Boylston St. to the proposed 888 Boylston St. development in Boston’s Back Bay.
The firm signed a 128,000-lease-deal and will serve as the anchor tenant of the 425,000-square-foot, 17-story development. The deal encompasses five floors with an option to expand into a sixth floor. Construction on Natixis’ space is slated to wrap up in fall 2017.
The Boylston project is being developed by Boston Properties adjacent to the Prudential Center between the recently completed Mandarin Oriental Boston and the Hynes Convention Center. It is the first office tower constructed in the Back Bay submarket in more than a decade and will sport sustainable features that include a chilled beam HVAC system, on-site rooftop wind power generation that will power all exterior building and plaza lighting, and a rain harvesting and reuse system. The project is being constructed to LEED Platinum specifications and will reportedly use 45% less energy and 37% less potable water than an average office building.
The lease deal is a result of years of sustained growth for Natixis, which has acquired more than 15 new investment management firms over the last 15 years and today employs 3,400 professionals worldwide, 1,400 of which are in Boston.
John Barry and Michael Joyce of Transwestern | RBJ brokered the transaction on behalf of Natixis.
AMEC Signs Renewal and Expansion at Lakeside Centre Complex
By Matthew Davison
AMEC signed a long-term renewal and expansion on behalf of its power and process business line in Tucker, GA.
The deal will expand the tenant’s space by 14,282 square feet to 111,919 square feet at 1979 Lakeside Pky., a 200,479-square-foot, Class A office building within the Lakeside Centre office park.
AMEC, one of the world’s leading engineering, project management and consulting companies, has been a tenant at Lakeside Centre since 2004. The firm currently occupies floor four through seven and will soon begin to occupy part of the third.
Sam Hollis, Clinton McKellar, Heather Gulesserian and Ken Ashley of Cushman & Wakefield's brokerage group in Atlanta negotiated on behalf of AMEC. Peter McGuone of CBRE represented the owner, AEW Capital Management.
JGC America Leases 77,625 SF in Granite Briarpark Green Bldg
By Ben Harris
JGC America Inc., the American subsidiary of Japanese engineering company JGC Corp., signed a 10-year lease for 77,625 square feet in the office building at 3151 Briarpark Dr. in Houston, TX.
The 12-story building is known as the Granite Briarpark Green and totals 302,551 square feet in the Westchase submarket. Hoar Construction developed the property in 2013 and Granite Properties is the owner, according to CoStar information.
JGC will occupy the entire third and fourth floor. Other tenants at the location include Noble (Gulf of Mexico) and TRS Staffing Inc.
Mike Boehler with JLL represented JGC. Steve West of Granite Properties represented the landlord in-house.
Bank of America Merrill Lynch Leases 39,822 SF
By Bill Johnston
Bank of America Merrill Lynch recently signed a lease for 39,822 square feet at 11810 Grand Park Ave. in Rockville, MD. The building is the first phase of rentable office space in the Pike and Rose development.
The eight-story office building is 204,000 square feet in total area, and possesses 80,000 square feet of office space and 90,000 square feet of retail space.
Federal Realty Investment Trust broke ground on Phase 1 of its WDG Architecture-designed development in mid-2012. The building is set to be completed in August 2014.
J. Andrew Masters and Bernard McCarthy of JLL represented Federal Realty Investment in the transaction.