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Lease Up: Major Corporate Space Moves for the Week of June 23-27

Tenants Include: Accuray, Affymetrix, Albright, BNY Mellon, Clearleap, Pzena Investment, ThinKom, Zeltiq and others
June 27, 2014

BNY Mellon Takes Seven Floors at 225 Liberty St. for New World HQs

BNY Mellon, an investment banking firm, signed a 20-year lease with Brookfield Office Properties for 350,000 square feet on floors 17 to 23 Two World Financial Center at 225 Liberty Street in Lower Manhattan.

BNY Mellon is in the process of selling its headquarters at One Wall St. and is consolidating and streamlining operations in Lower Manhattan to 225 Liberty and the company’s nearby facilities at 101 Barclay St.

BNY Mellon was represented in lease negotiations by Peter Riguardi, Michael Shenot and Michael Berg of JLL. Brookfield was represented in-house by Jerry Larkin, David Cheikin and Alex Liscio.

Pzena Investment Mgmt Leases 37,000 SF at Mutual of America Bldg

By Justin Sumner
Pzena Investment Management LLC (NYSE: PZN), a leading global investment management firm with $26 billion under management, signed an ‘under the radar’ lease deal for 36,996 square feet at 320 Park Ave. in New York City.

The 35-story, 730,000-square-foot Mutual of America Building was designed by Emery Roth & Sons in 1960, on three-quarters of an acre in Manhattan’s Plaza District submarket, between 50th and 51st Streets. Renovated in 1995 by Swanke Hayden Connell, the 4-Star office property offers ground-floor retail space and a host of tenant amenities, and has won numerous awards for building performance.

With asking rents ranging from the $70s to low $100s per square foot, the asset is considered one of the premier owner-occupied buildings in Midtown. Pzena will take occupancy in April 2015, joining Mutual of America, Mizuho Securities, Kelso & Company, Welsh Carson Anderson & Stowe, George Weiss Associates, and JPMorgan Chase.

Ken Ruderman, executive vice president and co-branch manager of Savills Studley represented the tenant. Frank Doyle, vice chairman, David Kleiner, executive vice president, and Dan Kollar, senior vice president with JLL represented the landlord, Mutual of America Life Insurance Company.

“A transaction of this caliber, with such dynamic complexity, could not have been accomplished without the business savvy and financial acumen of many, so it was a true team effort of many professionals with a common goal,” Ruderman said. “Over the course of a year, we took a methodical march through the Midtown market to seek, develop and create opportunities. With the cooperation of Mutual of America and their brokerage team, we crafted a long-term mutually beneficial transaction.”

Albright Relocating Global HQ to Historic Homer Building in Washington, DC

By Bryce Meyers
Albright Stonebridge Group signed an 11-year lease deal that will see the international strategic advisory and commercial diplomacy firm move its global headquarters to the historic Homer Building at 601 13th St. NW in downtown Washington, D.C.

Majority-owned by Mitsui Fudosan America, The Homer Building is a 12-story, 430,000-square-foot trophy office building constructed in 1913 in D.C.’s East End. Formerly owned by Akridge, the property is the recipient of numerous designations, including LEED Gold certification in 2011, an EPA Energy Star label, and BOMA’s International Office Building of the Year Award.

Albright’s lease deal is for 32,000 square feet on the 10th floor and is the result of the firm consolidating its two current Washington, D.C. offices in to one location.

The lease deal follows a flurry of activity at the Homer Building, which in the last 90 days has seen leases signed for an aggregate total of 75,000 square feet, bringing the property to 80% occupancy. Recent deals include a new lease with ITC Holdings, renewals with Brown Rudnick LLP and Banana Republic, and a new lease with a confidential, publically-traded, corporate client.

Gene Kenney and Michael Katcher of Cushman & Wakefield brokered the transaction on behalf of Albright, which is led by former U.S. Secretary of State Madeleine Albright. Wil Pace and Greg Tomasso of Akridge negotiated on behalf of Mitsui Fudosan America, the U.S. subsidiary of Japan's largest real estate company, Mitsui Fudosan.

ThinKom Signs 74,716 SF Lease in Relocation Move

ThinKom Solutions Inc., a provider of broadband antenna and product solutions, signed a 7-year 74,716-square-foot lease to relocate from its Torrance headquarters to OceanGate Business Park at 4881 W. 145th St. in Hawthorne, California.

The firm is expected to move in by October

The expansion and relocation were negotiated by ThinKom’s brokers Chris Strickfaden of JLL and Mark Mattis of PM Realty Group. The landlord, St. Paul Fire and Marine Insurance, a division of The Travelers Insurance, was represented by Britt Shuford of SCO Advisors.

“After an exhaustive and comprehensive market analysis, ThinKom Solutions decided that relocating office, testing and light assembly at the Hawthorne facility accomplished many goals including the anticipated need for future growth as demand continues to grow for their varied products in both the commercial and defense related markets,” said Strickfaden.

Accuray Extends 113,600-SF Lease for 9 Years

Accuray Inc. entered into a lease amendment with landlord DWF III Caribbean LLC for its headquarters office space at 1310 and 1320 Chesapeake Terrace in Sunnyvale, California.

The amendment extends the term of the lease an additional eight years and seven months to expire on December 31, 2023.

Accuray leases 73,938 square feet at 1310-Chesapeake and 39,678 square feet at 1320 for a total of 113,616 rentable square feet.

Zeltiq Renews and Expands in Pleasanton

Zeltiq Aesthetics Inc. entered into a lease amendment with landlord Hacienda Portfolio Venture LLC for its office spaces at 4696-4698 Willow Road, Building One, and 5934 Gibraltar Drive, Building Two in Pleasanton, California.

The lease amendment extends the term of the lease covering 42,620 rentable square feet at 4696-4698 Willow Road and 3,228 rentable square feet at 5934 Gibraltar from July 1, 2014 through 2014. Then starting in 2015, Zeltiq will also lease an additional 8,298 rentable square feet at 5934 Gibraltar. All leases will then expire March 31, 2019.

Affymetrix Expanding along Science Center Drive

Affymetrix Inc. entered into two leases with BMR-10255 Science Center LP and BMR-10240 Science Center Drive LP, for the company’s current premises at 10240 and 10255 Science Center Drive in San Diego, California.

The leases cover premises totaling 82,759 rentable square feet. Subject to the completion of tenant improvements, both leases are expected to commence in August 2015 and expire in March 2023.

The lease for 10255 Science Center Drive, San Diego, California will extend the company’s current occupation of those premises until March 2023. The company expects to relocate some its employees from their current location to 10240 Science Center Drive, San Diego in August 2015, therefore bringing all employees of its eBioscience business unit in San Diego within closer proximity.

Clearleap Leases 50,000 SF in Duluth

By Matthew Davison
Clearleap will move its headquarters to a new property in Duluth, GA after the multiscreen solution company leased 50,000 square feet at 3100 Breckinridge Blvd. - Building 1200.

The property is a 72,776-square-foot, Class A office building located in the Atlanta suburbs. The building was built in 1986 and was recently renovated in 2013. Clearleap will occupy the first two floors of this property when they move in to the space.

Kirk Rich of Rich Real Estate Services brokered the transaction on behalf of the landlord, Real Estate Capital Partners. Doug Legg of Wm. Leonard & Co. represented the tenant.

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