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Lease Up: Corporate Executive Board Signs Largest Lease of the Week of July 21-25

Other Major Corporate Moves from: Affinity Health Plan, Cerulean, Ellie Mae, Enstar, Glenmark Pharmaceuticals, MediaMath, Omnitrac, Q2 Software, Rubicon Project, Sealed Air, Sidley Austin, UBS, Universal Music and more
July 24, 2014

CEB Signs 350,000-SF Lease in JBG’s Central Place Development in Rosslyn

By Bryce Meyers
The Corporate Executive Board (NYSE: CEB) struck a deal to keep its headquarters in Arlington County as the member-based advisory firm agreed to lease approximately 350,000 square feet in a new Rosslyn office tower The JBG Cos. is building as part of its Central Place development.

Slated to deliver in 2018, the new building will be named CEB Tower after the firm agreed to occupy 15 floors of the 31-story, 535,000-square-foot office tower going up at 1201 Wilson Blvd. In addition to the office tower, plans for Central Place include a 377-unit residential complex and 45,000 square feet of ground level retail.

Virginia Governor Terry McAuliffe approved a $4.5 million grant from the Governor's Opportunity Fund and another $5 million in funds from the Virginia Economic Development Incentive Grant (VEDIG) - established as a self-funded program of performance-based incentives - to support local and county efforts to secure the project. The company has maintained its headquarters in Rosslyn since moving out of the District in 2008.

Central Place is a fully-entitled, mixed-use development situated above the Rosslyn Metro Station and directly across the Potomac River from Washington, D.C.'s Georgetown district.

Louis Christopher of CBRE brokered the transaction on behalf of CEB. Paul Adkins represented The JBG Cos. in-house.

MediaMath Inks 106,000-SF Lease at 4 World Trade Center

By Justin Sumner
MediaMath has signed a 15-year, 106,000-square-foot lease at 4 World Trade Center in New York City.

The global media advertising and software technology company will consolidate more than 300 employees from three midtown locations when it takes occupancy of the 44th through 46th floors at the downtown office in early 2015.

“MediaMath has been blessed with outstanding growth over the past seven years, which is a testament to the market’s need for a transformation in digital marketing through software, and the service that makes it work for you,” said Joe Zawadzki, CEO of MediaMath. “We worked hard to find a property and a developer that matched the scope of our vision.”

The 72-story, 2.85 million-square-foot, 5-Star office tower delivered in November 2013 in the heart of Lower Manhattan, part of the World Trade Center - the fourth largest business center in the country. Designed by Pritzker-prize winning architect Fumihiko Maki to meet LEED Gold standards, the 977-foot 4 WTC tower offers 56 floors of high-tech office space above the Downtown streetscape, which will offer a concentration of retail and transit options both at street level and below ground.

“MediaMath’s decision to relocate to 4 WTC proves that New Yorkers were right to bet on Downtown. The new World Trade Center is emerging as the commercial heart of the city’s hottest neighborhood,” said Larry A. Silverstein, chairman of Silverstein Properties. “I am thrilled to welcome MediaMath, which represents the technology, advertising, media and information companies driving the City’s new economy and Downtown’s future.”

MediaMath’s deal brings the newly-constructed 1, 4, and 7 World Trade Center buildings, totaling nearly 7.4 million square feet, to 70% leased. Currently, 520,000 square feet there is being built out at 4 WTC for the new headquarters of the Port Authority of New York & New Jersey, and another 600,000 square feet is being occupied by the City of New York.

Silverstein Properties hopes that having a global tech firm anchor like MediaMath will attract more tenants to the world-class address; much like DoubleClick did for Midtown South and Google for the Meatpacking district.

“What we are seeing is a major shift in momentum favoring the World Trade Center. 4 WTC has been open for barely six months, but is already getting serious attention from virtually every major tenant. This is the same pattern we saw at 7 WTC, which has been fully leased for several years,” said Janno Lieber, Silverstein’s World Trade Center president. “Companies are moving Downtown in record numbers, and all of the projects at the WTC - the Memorial, Museum, office buildings, and transit hub - are either open or on schedule to be completed soon. We are in the process of financing 3 World Trade Center and are on target to complete and open the building as planned.”

According to the Downtown Alliance, 511 firms have now moved to Lower Manhattan since 2005, leasing a total of 12.3 million square feet. 226 of those have been in creative or professional services. In its 2013 “Brain Gain” report, the group explained a growing number of knowledge workers increasingly live within a 30-minute commute to Lower Manhattan, due to extensive residential development and neighborhood revitalization in Manhattan, Brooklyn, and New Jersey’s waterfront, and that prefer apartment living and short commutes afforded by subway, Path, ferry, and bike options.

“As a result of New York State’s vibrant tech sector and talented workforce, we are seeing companies with a global presence, like MediaMath, choose the Empire State as the place to invest in and grow their business,” said New York Governor Andrew M. Cuomo. “The company’s commitment will generate 1,000 new jobs for New Yorkers - demonstrating both the quality of the talent in New York and the attractiveness of the area for tech savvy businesses looking to thrive.”

Harly Stevens and Mike Rizzo with CBRE represented the tenant. Mary Ann Tighe, Steve Siegel, Ken Meyerson, and Evan Haskell at CBRE teamed up with Jeremy Moss, director of World Trade Center leasing for Silverstein Properties, to represent the landlord in lease negotiations.

Ellie Mae Inks 105,000-SF HQ Lease in Pleasanton

By Bryce Meyers
Ellie Mae, a provider of innovative on-demand software solutions and services for the residential mortgage industry, signed a long-term lease deal for 105,452 square feet within the California Center office park in Pleasanton, CA.

The newly-renovated top three floors of 4420 Rosewood Dr. will serve as Ellie Mae's corporate headquarters and will accommodate a workforce which has nearly doubled in size in the last two years to more than 500 professionals.

In addition to increased office space, 4420 Rosewood will provide Ellie Mae employees access to a state-of-the-art fitness center, cafe, multiple conference rooms and several auditoriums with webcasting capabilities. Swift Real Estate Partners also plans to add several yet-to-be-named amenities.

Ellie Mae is slated to move into its new headquarters in spring 2015.

Chip Wiser of Cornish & Carey Commercial Newmark Knight Frank brokered the transaction on behalf of Swift Real Estate Partners. Cushman & Wakefield represented Ellie Mae.

Rubicon Project Relocates to 180 Madison Ave.

Rubicon Project, which operates one of the industry’s largest independent real-time trading platforms for the buying and selling of advertising, relocated its New York office to 180 Madison Ave.

The technology company’s new lease of 12,358 square feet comprises the entire 14th floor of the 24-story, 200,000-square-foot building.

The firm previously occupied a partial floor across the street at 183 Madison Avenue.

The transaction was managed by global commercial real estate services firm, Savills Studley’s senior managing director Allyson Bowen. Glenn Isaacson and Evan Haskell of CBRE represented the landlord, 180 Madison Prisa II LLC.

Sealed Air To Establish New Global HQs in Charlotte

Sealed Air Corp. is establishing a new global headquarters in Charlotte, North Carolina. The company will relocate to a modern, state-of-the art, environmentally-sustainable campus that will become the headquarters for its divisions, research & development facilities, and corporate offices.

The location of the office space was not disclosed but Sealed Air has been looking in southwest Charlotte for what would be a multi-business campus.

Within the next three years, Sealed Air anticipates 1,300 jobs will be relocated to Charlotte from its current headquarters at 200 Riverfront Blvd. in Elmwood Park, New Jersey; and, all or part of its facilities in Saddle Brook, New Jersey; Danbury, Connecticut; Racine, Wisconsin; and, Duncan and Greenville, South Carolina. The company will also relocate a small number of employees from other locations.

Sealed Air will continue to maintain manufacturing in its Saddle Brook and Danbury facilities, as well as certain operations in Duncan. The company’s Simpsonville and Seneca, South Carolina sites will also continue their manufacturing operations.

Glenmark Pharmaceuticals To Build its First Facility in the US

Mumbai India-based Glenmark Pharmaceuticals Ltd, a research-driven, global, integrated pharmaceutical company, plans to set up a new manufacturing facility in the U.S.

The facility will be situated in Monroe, North Carolina, at the Monroe Corporate Center. The facility will be spread over 100,000 square feet.

“Our plan to set up a new state-of-the-art manufacturing facility in the US underlines the fast-paced growth the company has witnessed in a short span of eight years in the US market and our long-term commitment to the country. The US is a key strategic market for Glenmark and it is important for us to have a manufacturing base here to serve our growing business in the country,” said Glenn Saldanha, chairman & MD, Glenmark Pharmaceuticals Ltd.

The company expects to start manufacturing activity by the end of the current financial year.

United Water Leases 116,000 SF at Mack-Cali Centre VI in NJ

By Justin Sumner
Sustainable water and wastewater management solutions provider United Water Management & Services Inc. has signed a 20-year, 116,360-square-foot office lease at Mack-Cali Centre VI in Paramus, NJ.

Located at 461 From Rd. in the heart of Bergen County, the five-story, 265,772-square-foot, 4-Star office building was constructed in 1988 on 12.5 acres in the Route 4/17 submarket. It features an on-site cafeteria, security, and area amenities.

The asset is now 87% leased. Brendan McBride and Christopher Olsen at Newmark Grubb Knight Frank handle leasing there.

United Water was encouraged to remain in the state with $5.5 million in tax credits from the New Jersey Economic Development Authority (NJEDA), through its Grow New Jersey Assistance Program.

“We’re delighted that United Water has chosen this premier property and we look forward to providing a superior work environment for years to come,” said Mitchell E. Hersh, president and chief executive officer of Mack-Cali. “This reflects the continued success of Mack-Cali’s strategy to build successful, long-term tenant relationships by maintaining high standards for both our properties and our services.”

Affinity Health Plan Signs 95,000-SF Lease for New HQs

Affinity Health Plan, a leading managed care organization, signed a lease with Simone Development Cos. for 95,000 square feet of office space at Simone’s Metro Center Atrium mixed-use complex in the Bronx.

Affinity Health Plan is relocating its headquarters from 2500 Halsey St. in the Bronx to the Metro Center Atrium, a 370,000-square-foot office/retail/hotel complex that is nearing completion at Simone’s 42-acre, multi-building Hutchinson Metro Center campus.

Cresa New York represented Affinity Health Plan in the transaction. Simone was represented in-house by Joseph Simone, Joseph Deglomini, Jr. and James MacDonald.

Omnitracs Selects Dallas for Corporate HQs

Omnitracs LLC, a provider of fleet management solutions, plans to relocate its corporate headquarters from 10290 Campus Point Drive in San Diego, California, to downtown Dallas, Texas.

The transition is scheduled to take place in early 2015 and will be supported by a grant from the Texas Enterprise Fund (TEF).

“As a major transportation hub with a technology-savvy workforce, we believe Dallas offers great advantages that align with our long-term business vision. Our new headquarters location places us closer to many of our fleet customers,” said John Graham, CEO of Omnitracs.

Pritchard & Jerden Establishes HQ at Atlanta Plaza

By Bryce Meyers
After 25 years at Three Piedmont Center, Pritchard & Jerden has relocated its headquarters to the nearby Atlanta Plaza One building in Upper Buckhead.

The deal is for 10 years and marks an expansion for the insurance and risk management firm, which took occupancy of its new 24,620-square-foot office after exiting its former 18,000-square-foot headquarters.

Completed in 1985, Atlanta Plaza One is a 625,071-square-foot, 34-story office tower featuring a breakfast and lunch café, state-of-the-art fitness center, dry cleaning services, a retail/sundry shop, a car wash and detailing shop and direct and covered access to the Lenox MARTA rail station - an attractive component for the firm. The Class A complex achieved LEED Silver certification in 2013.

Pritchard & Jerden's new office exhibits an open workplace design geared towards promoting collaboration and enhancing natural light. Per the terms of the lease, ownership is building a state-of-the-art conference center on the 8th floor.

"We’re excited to be moving into expanded space that will accommodate our organic growth," said Jim Bailey, president of Pritchard & Jerden. "This modern and efficient workspace has been customized to our needs and is designed to appeal to the younger generation of millennial workers."

Peter Shelton and Fred Sheats of Colliers International Atlanta negotiated the lease on behalf of Pritchard & Jerden. Nicole Goldsmith and Chris Port of CBRE represented the owner, CBRE Global Investors.

Enstar (US) Inc. Takes Full Floor at Morgan Stanley Tower

Enstar (US) Inc., which acquires and manages insurance companies, leased 13,621 square feet at Morgan Stanley Tower at 150 2nd Ave. North in downtown St. Petersburg.

Enstar is relocating and upgrading their offices with this move downtown.

The deal was brokered by Hal Piper of Cassidy Turley.

The 17-story, 187,000-square-foot office building was purchased last year by a joint venture consisting of affiliates of Feldman Equities, Tower Realty Partners and Second City Capital Partners.

Q2 Preleases Expansion Space

Q2 Software Inc. entered into an office lease agreement with CREF Aspen Lake Building II LLC, an affiliate of Crimson Real Estate Fund, to lease 70,000 rentable square feet of an office building to be immediately adjacent to the company’s current headquarters (the “Building”) at 13785 Research Blvd., Suite 150 Austin, Texas.

The expansion lease provides for phased commencement dates, with commencement of the first phase covering 55,000 rentable square feet anticipated to occur on June 1, 2015; with the remaining space becoming available nine months thereafter.

The lease runs 124 months, with a five year renewal option.

Consumer Healthcare Products Association Relocates HQ To Farragut Square

By Benjamin Luke
The Consumer Healthcare Products Association (CHPA) has completed a headquarters relocation from its current offices at 900 19th St. to 14,115 square feet of space in Brookfield Office Properties' 571,000-square-foot 1625 Eye St. building located near Farragut Square in Washington, D.C.'s central business district. The deal is for 12 years.

The move places CHPA in a building that enjoys a rooftop terrace as well as a tenant-only fitness center within close proximity to both Capitol Hill and the Farragut West Metro Station.

Eric West and Matt Levin of West, Lane & Schlager, as well as Mindy Saffer of Cresa, facilitated the transaction on behalf of the CHPA. CBRE represented Brookfield in this transaction.

The CHPA has operated as a trade organization for the past 133 years by representing manufacturers and marketers of medicine and supplements.

Universal Music Renews 200,000 SF Lease in Santa Monica

By Mary Vinal
Universal Music executed a 10-year lease renewal for 201,006 square feet at 2220 Colorado Ave. in Santa Monica, CA.

The property was built in 1999 in one of the most in-demand submarkets of Los Angeles. Gensler will be renovating the space for Universal to create a more modern, open floor plan. The building is equipped with high ceilings and waterscapes, 24-hour security and access control, and private balconies and patios with ocean and mountain views.

Brad Feld and Chris Keller of Madison Partners represented the landlord, Clarion Partners. Paul Stockwell and Josh Leibowitz of CBRE represented Universal Music.

Dicerna Pharmaceuticals Inks Deal for New Corporate HQ

By Bryce Meyers
Dicerna Pharmaceuticals, a biopharmaceutical company specializing in innovative liver and cancer treatments, will relocate its corporate headquarters to Cambridge, MA after signing a 37,186-square-foot lease at 87 CambridgePark Dr.

The 67,200-square-foot office building delivered in 1984 off the Concord Turnpike minutes away from the MBTA -Alewife Station in Boston's W Cambridge/Alewife submarket.

"The goal in Dicerna's search for a new headquarters location was to identify an office and laboratory space that would enhance our open and collaborative corporate culture. The scale and setting of 87 CambridgePark Drive offers Dicerna an expanded footprint in the dynamic Cambridge biotech community that is very much consistent with whom we are as a company," said Jim Weissman, Dicerna's chief business officer.

Mark Winters, David Townsend and Juliette Reiter of Cushman & Wakefield negotiated the lease on behalf of King Street Properties, a Waltham, MA-based private real estate investment management firm that acquired the property - along with the 221,000-square-foot 200 CambridgePark building - in June 2014 from Pfizer. Roy Hirshland and Mike Shreve of T3 Advisors negotiated on behalf of Dicerna.

Sidley Austin Leases 75,000 SF at McKinney & Olive

By Bryce Meyers
Sidley Austin LLP struck a deal with Crescent Real Estate Holdings that will see the global law firm occupy 75,000 square feet across the top two-and-one-half floors of Crescent's McKinney & Olive development at 2021 McKinney Ave. in Uptown Dallas.

The deal comes just weeks after the groundbreaking of the 530,000-square-foot, Pelli Clarke Pelli Architects-designed Class A office tower, noted for being the first Dallas commercial building since the 1980's to be designed by an internationally renowned architect.

McKinney & Olive is being developed on a 3.1-acre parcel at McKinney Ave. and Olive St., adjacent to The Ritz-Carlton Dallas and in close proximity to downtown's Dallas Arts District and Klyde Warren Park. The site is one of the last infill spaces open for development in the Uptown submarket.

The trophy project will feature 10-foot ceiling heights, full Wi-Fi connectivity, 25,000-30,000-square-foot floor plates and "A List" award-winning property management. Additional amenities are set to include a customer-only concierge level with a rooftop garden, a fitness center and a conference center.

In addition to 480,000 square feet of office space, McKinney & Olive will sport 50,000 square feet of rentable retail space, a coffee shop, three restaurants and a ground level piazza.

Constructed to LEED Gold specifications, McKinney & Olive is slated to deliver in August 2016, at which time Sidley will move in approximately 100 lawyers and support staff. The firm has selected architectural firm Gensler to design its interior space with an emphasis on maximizing natural light and flexible and collaborative workspace.

Randy Cooper and Craig Wilson of Cassidy Turley brokered the transaction on behalf of Sidley Austin, which earlier in the year took 64,000 square feet at the Trammell Crow Center in downtown Dallas. John Zogg of Crescent Real Estate Equities represented the owner in-house.

UBS Leases 27,000+ SF at Legacy Tower

By Bryce Meyers
UBS will move its Dallas office to Phase I of the Legacy Tower later this year after agreeing to a 27,948-square-foot lease for the entire 12th floor at the Plano, TX office building.

Legacy Tower is a 342,033-square-foot, 13-story development currently under construction on the southeast corner of the Dallas North Tollway and Legacy Dr. in the Upper Tollway/West Plano submarket. The property will feature a 1,200-car, six-level parking garage that connects to the building lobby by way of an enclosed, air conditioned walkway, green space and a two-story building lobby with a main entrance that opens to The Shops at Legacy.

The Class AA development is being constructed to LEED Gold specifications and is scheduled to deliver in August of this year.

The location will serve as the Switzerland-based global financial services firm's Far North Dallas wealth management office. UBS will consolidate its current offices at the Spectrum and 5950 Sherry Ln. in Dallas.

Dennis Barnes, Celeste Fowden and Hunter Lee of CBRE Dallas brokered the transaction on behalf of the landlords, a joint venture comprised of Trammell Crow Co. and Principal Real Estate Investors. Mike Wyatt and Bill McClung of Cushman & Wakefield represented UBS.

Cerulean Expands at Riverside Tech Center

Cerulean Pharma Inc. entered into a lease amendment with Rivertech Associates II LLC for its 14,234 square feet of research and office space at 840 Memorial Drive in Cambridge, Massachusetts.

The deal provides for an expansion of the office space by 8,628 square feet, bringing the total space available to the company to 22,862 square feet.

The company intends to use the expansion space for office purposes. The company also obtains rights to an additional 13 parking spaces at the building.

The lease expires in February 2016.

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