Lease Up: Major Corporate Space Moves for the Week of June 30-July 4
Tenants Include: Foundation Medicine, Health Partners, Intralinks, JKG Group, Mast Therapeutics, Mirati Therapeutics, Nationwide Mutual, Relypsa, San Jose Mercury News and Vineyard Vines
July 3, 2014
Nationwide Mutual Planning New 500,000-SF Campus
In a meeting with members of Grandview Heights (OH) City Council This week, Nationwide Realty Investors (NRI) unveiled its latest development plans for Grandview Yard, including a new 500,000-square-foot Nationwide campus, 135-room hotel and 13,000-square-foot conference center.
NRI President and COO Brian J. Ellis made the announcement. NRI is the real estate development affiliate of Nationwide Mutual Insurance Co. and the developer of the Arena District and Grandview Yard in Columbus.
The new Nationwide campus just south of The Ohio State University in the downtown Columbus, OH, market, will be located along Yard Street between Goodale Boulevard and Third Avenue, and will include three, four-story interconnected office buildings with three adjacent four-level parking structures.
Nationwide Mutual will be relocating thousands of employees from surrounding Columbus suburban markets to the new campus.
The first building would include 320,000 square feet of space and open in 2016. The 160,000-square-foot second building would follow in 2017. The third building would open in 2019. Upon completion, the new campus is designed to support more than 3,000 Nationwide associates.
A hotel and conference center would also open in 2016 and be located at the intersection of Goodale Boulevard and Yard Street. The hotel would be owned by NRI and operated by Columbus Hospitality, which also operates the Hyatt Place hotel at Grandview Yard.
Also included in the plans is a new 2.5-acre public park that was presented as a neighborhood gathering place for the project and the Grandview Heights community, featuring gently sloping topography, natural stone retaining walls and extensive landscaping.
Directly and through joint ventures, Nationwide Realty Investors owns more than $1.4 billion in real estate investments around the country.
Health Partners Expands at 907 Market St.
Health Partners Plans Inc. (HPP) expanded at the Pennsylvania REIT’s 907 Market St. building in Philadelphia above The Gallery.
The health insurance organization currently occupies more than 140,000 square feet of office space on the fourth and fifth floors of the building and will be expanding into an additional 70,000 square feet on the third floor in the first quarter of 2015.
The expansion of HPP signals the next steps in a project that is making an imprint on the retail landscape in Philadelphia.
PREIT announced in April that the region’s first Century 21 Department Store would open at The Gallery as part of the company’s much-anticipated redevelopment plans for the center.
“This transaction creates near-term value in filling existing office space,” said Joseph F. Coradino, CEO of PREIT. “With this, we are taking the next step toward creating Philadelphia’s only transit-oriented, retail anchored multi-use property offering accessible luxury retailing and artisan food experiences.”
Mirati Therapeutics Relocating in San Diego
Mirati Therapeutics Inc. entered into a triple net lease with ARE-SD Region No. 20 LLC for 18,000 square feet of office and laboratory space at 9393 Towne Centre Drive in San Diego, California.
The office space will serve as new corporate headquarters, replacing our current facilities near the property.
The lease is scheduled to commence in three phases, with 2,300 square feet of space becoming available July 1, 14,000 square feet around Feb. 1, 2015, and the final 1,600 square feet a year later.
The lease expires Jan. 31, 2018.
Mast Therapeutics Signs for New HQs Space
Mast Therapeutics Inc. entered into a sublease agreement with Santarus Inc. as sublessor for the lease of 13,707 square feet of office space at 3611 Valley Centre Drive, San Diego, California
The company will use the space as its corporate headquarters.
The premises will replace the company’s current headquarters, the sublease for which will expire in January 2015.
The term of the sublease commences on Feb. 1, 2015 and expires on May 31, 2020.
JKG Group Consolidating Three Locations in Broward County into One
JKG Group signed a new lease for 87,600 square feet of space at Quiet Waters Business Park, a Class A office campus at 710-750 S. Powerline Road in Deerfield Beach, Florida. The deal marks the second-largest lease transaction to-date in 2014 in Broward County
JKG Group’s new space within Building 4 of Quiet Waters Business Park will meet the marketing support services company’s need to consolidate its current three locations to increase operational efficiencies and competitive advantage in the tri-county area.
Wayne Schuchts, principal with Avison Young, along with Steve Caster, president of Samoset Realty, represented the tenant.
CBRE represented the ownership, Prudential Real Estate Investors.
Relypsa Signs for New HQs Space
Relypsa Inc. entered into a triple net lease with HCP LS Redwood City LLC for 79,675 square feet of office and laboratory space at 100 Cardinal Way in Redwood City, California.
The premises will serve as the company’s new principal executive offices.
The company currently leases office and laboratory space at 700 Saginaw Drive in Redwood City.
The new lease commences around Feb. 1, 2015, and the existing lease terminates 60 days after the new lease commencement. The new lease terminates 10 years after that.
Foundation Medicine Expanding Cambridge HQs
Foundation Medicine Inc. amended its lease with ARE-MA Region No. 50 LLC for the company’s headquarters at 150 Second St. in Cambridge, Massachusetts.
The company has agreed to rent an additional 8,164 square feet of office and laboratory space on the first floor. That will bring its total space in the building to of 69,755 rentable square feet.
Intralinks Begins Downsizing in Charlestown in prep for Move to Waltham
Intralinks Holdings Inc. amended its lease with Schrafft Center LLC terminating 16,982 square feet of office space that it currently leases from the landlord in the building at 529 Main St. in Charlestown, Massachusetts. That portion of the lease was set to expire Dec.31, 2015.
The company will continue to lease the remaining 19,575 square feet of the Charlestown premises.
The amendment requires the company to pay a termination fee equal to $400,000.
Earlier this year, Intralinks entered into a lease with 404 Wyman LLC to lease 51,325 square feet of office space at 404 Wyman St. in Waltham, Massachusetts.
Vineyard Vines Signs 91,000-SF Office Lease in Stamford
By: Olga Kuznetsova
Vineyard Vines signed a 91,040-square-foot office lease at 181 Harbor Dr. in Stamford, Connecticut.
The rapid growth of the clothing manufacturer, best known for its neckties and pink whale logo, prompted the company to find a new headquarters.
The 91,040-square-foot facility sits on 11 acres at the coastal business park known as Shippan Landing.
Paul Jacobs, Colin Reilly, and David Block at CBRE teamed up with Dana Pike, the in-house leasing representative for landlord George Comfort & Sons. James Ritman of Newmark Grubb Knight Frank represented the tenant.
San Jose Mercury News Moving to Legacy Civic Towers
By: Nathan Wilson
The San Jose Mercury News signed a multiyear lease deal that will see the news organization move into 33,186 square feet on floors seven and eight at the 217,000-square-foot Legacy Civic Tower IV building in San Jose.
The recent sale of its former headquarters at 750 Ridder Park Drive in San Jose forced San Jose Mercury News to look for a new location. The news outlet will be moving 200 employees into its new space and worked out a separate deal with San Jose Mayor Chuck Reed to guarantee 160 parking stalls over the term for Mercury employees.
Praxis Commercial and Rob Shannon from CBRE in San Jose represented San Jose Mercury News, which is owned by parent company Digital First Media. Christopher Shepherd and Michael Grado of CBRE in San Jose represented the landlord, Legacy Partners Commercial.
Praxis brought on Facilicorp’s Megan Lovelace to oversee the project and construction of the new office space.