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Office Lease Up (Aug. 24) Pinterest to Fully Occupy New 150,000-SF Development

Last Week’s Largest Office Leases also Include: Ameris Bank, Blackboard, Broadcom, Comverse, DoubleLine , Logitech, Mass Mutual, Medallion Financial, MedAssets, Mercantil Commercebank, Pandora, Sitel, Spanning Cloud, SurveyMonkey, Synovus, Verifi, and many more
August 24, 2015
Alexandria Real Estate Equities Inc. signed Pinterest, the growing image-sharing tech company, to a long-term full-building lease at the REIT's new 150,000-square-foot office development at 505 Brannan St. in San Francisco.

The 505 Brannan St. site is fully entitled under Proposition M, with Alexandria planning to kick off construction in early 2016 and wrap up in 2017. The new office development is a joint venture of Alexandria Real Estate Equities and TMG Partners.

"We welcome Pinterest to its new home in our SoMa/Mission Bay innovation cluster. 505 Brannan Street represents another meaningful extension and integration of Alexandria's Mission Bay campus into the SoMa technology district, reinforcing the intersection of two extremely innovative locations," said Joel Marcus, chairman, CEO and founder of Alexandria Real Estate Equities.

The six-story project has been designed to LEED Platinum specifications and will put Pinterest employees in close proximity to the new 4th and Brannan Station that will connect to BART and the Caltrain terminal. The building is the fourth office development in a half-mile stretch in San Francisco's South of Market area for Alexandria, which has developed approximately 3.1 million square feet of office and laboratory space in the San Francisco region. By Noel Bigay


San Mateo Polls Well for New SurveyMonkey HQ


SurveyMonkey will ship its headquarters out of Palo Alto after signing a lease to establish its corporate offices at the new Station 4 development at 3050 S. Delaware St. in San Mateo, CA.

The expanding online survey development cloud-based company moved into approximately 55,000 square feet just last March at 101 Lytton Ave. in downtown Palo Alto before agreeing earlier this week to take the entire 209,860-square-foot complex slated to deliver late next year in San Francisco's San Mateo-Downtown South submarket.

The four-story Station 4 building is situated across from the Hillsdale Shopping Center on the corner of Delaware St. and 31st Ave. within Bay Meadows Station, an 83-acre master-planned urban village that upon full build-out will include five office buildings totaling 763,000 square feet.

SurveyMonkey is scheduled to take occupancy in phases beginning in January 2017. Jack Troedson, Bob Garner, and Josh Rowell of Newmark Cornish & Carey brokered the lease on behalf of Bay Meadows Station owners, Bay Meadows Land Co. and Stockbridge Real Estate Funds. Dave Hiebert and Colin Feichtmeir of DTZ handled negotiations on behalf of SurveyMonkey. By Enid Guerrero


Sitel Leases 114,000 SF at Pompano Business Center


Sitel Operating Corp. signed an 114,000-square-foot office lease at 2500 NW 19th St. in Pompano Beach, FL.

The Nashville, Tenn.-based customer care provider will open a new financial services call center next month, immediately adding 350 new employees with plans to increase head count to 1,000 there in one year. Bldg O in the Pompano Business Center is a 172,120-square-foot Telecom Hotel / Data Hosting building constructed by IDI Gazeley in 2001 on 9.8 acres in the Pompano Beach Industrial submarket of South Florida's Broward County.

"Backfilling an 114,000-square-foot vacancy with limited divisibility was no small task," said John K. Criddle, director with Cushman & Wakefield. "Despite this challenge, our team was ultimately able to identify a credit tenant, bring them to the table, and, along with the City of Pompano Beach, secure a deal that benefits our client, Sitel, and the community at large.”

John Criddle, Richard Etner, Christopher Metzger, and Christopher Thomson with Cushman & Wakefield represented the landlord, J.P. Morgan. By Justin Sumner


MedAssets Renews Lease 105,000 SF at Saddle River Exec. Ctr.


MedAssets Inc. renewed its full-building lease for all 105,958 square feet at 1 Rte 17 S in Saddle River, NJ for an additional 11 years.

Built in 2002, the three-story Saddle River Executive Centre office property is located in the North 17 Corridor submarket of Bergen County.

William McCaffrey, Steve Geltzeiler and Marc Krieger of Avison Young represented the landlord. John Flack and James Scancarella with Cresa represented the tenant. By Patrick Scally



KCG Holdings Leases 169,000 SF at World Financial Center


KCG Holdings Inc., a financial services company, leased 169,000 square feet in the World Financial Center building located at 1 North End Ave., aka 300 Vesey, in New York City. The financial firm will be relocating from its current space at 545 Washington Blvd. in Jersey City, NJ in the fourth quarter of 2016.

The 16-story, 558,034-square-foot, 4-Star office tower was built in 1997 and is owned by Brookfield Office Properties.

John Wheeler, Michael Berman, Clayton Kline and Paul Glickman with JLL worked with Brookfield's David Cheikin. Derek Trulson and Michael Shenot, also with JLL, represented the tenant. By Kelly Faulk


Synovus Leases 100,000 SF Near New Atlanta Braves Stadium


Synovus Financial has leased four floors totaling 100,000 square feet in a building being developed by TPA Group in Cobb County off Akers Mill Road SE and Cumberland Boulevard, near the new Atlanta Braves stadium under construction.

The office tower, called 1100 Overton, will consolidate about 300 Atlanta-based Synovus personnel, including Bank of North Georgia’s senior management team, a Bank of North Georgia branch and Synovus’ specialty bankers and investment professionals, according to an email from Lee Underwood, spokesman for the Columbus, GA financial services company which has $27 billion in assets.

Lease terms were not immediately available. The developer, Atlanta-based TPA Group, is a private real estate investment, acquisitions, and development firm whose principals have acquired and developed more than 25 million square feet and 27,000 acres valued at more than $5 billion. In addition to the 5.5 million square feet of space home to more than 300 companies at its signature property, Technology Park/Atlanta, TPA’s projects include Verizon’s $30 million, 220,000-square-foot Center for Excellence in Lake Mary, FL.

Construction of the new multi-tenant building is expected to begin shortly and Synovus, which engaged CBRE Group Inc. to explore real estate options, will move in following the building's expected completion in mid- to late-2017. The company announced last fall that it was considering such a move to achieve additional cost savings and greater efficiency. By Randyl Drummer


Texas Children’s Health Plan Takes Top Eight Floors


Texas Children’s Health Plan signed a 10-year deal for 159,136 square feet at 6330 W. Loop South in Bellaire, TX. The Texas Children’s Hospital subsidiary will occupy the top eight floors at the 14-story, 278,489-square-foot building, joining engineering consulting firm WorleyParsons in the complex beginning January 2016.

Mike Adams provided in-house representation on behalf of building owner, Accesso Partners. By Amena Ali


Logitech Renews Lease at Barton Skyway


Logitech, a Switzerland-based global provider of personal computer and tablets accessories, renewed its 99,047-square-foot lease at 1601 S. MoPac Expy. in Austin, TX.

Built in 2000, the 195,639-square-foot, four-story office building is part of Brandywine Realty Trust's four-building Barton Skyway office park located in the South submarket.

Logitech shares space at Two Barton Skyway with LifeSize, Mozido and WhiteGlove Health, among others. By Darnell Darrell


Brown & Toland Signs 60,000-SF HQ Lease in Oakland


Brown & Toland Physicians, a healthcare firm that has had its headquarters in the South of Market area in San Francisco since 2003, will be relocating to Oakland after signing a multi-year lease for 60,000 square feet at the Clorox Building in downtoan Oakland's City Center complex.

The move, which is slated to take place in April 2016, will bring most of the company’s employees together in one location. However, a satellite office will be maintained San Francisco.

Tim Hogan and John Dolby with DTZ’s San Francisco and Oakland offices represented Brown & Toland in the lease transaction.

"This is the largest relocation of a tenant from San Francisco to downtown Oakland we have tracked, with Matson Navigation in 2003 (52,000 square feet) and Koret of California in 1998 (51,000 square feet) among the others," said DTZ's Dolby. "This new occupancy will bring Class A vacancy in downtown Oakland to below 8%, meanwhile Class B is less than 6%. With just one single block of space larger than 50,000 square feet currently available, Oakland will need to build new inventory to attract other large tenants.” By Greer Pruitt


Blackboard Keeps HQ in Northwest D.C.


Leading education technology platform Blackboard will keep its headquarters in Washington, D.C. after agreeing to a 13-year lease for 70,482 square feet at 1111 19th St. NW in the city’s central business district.

Clarion Partners acquired the nearly 40-year old building in 2008 and carried out a multimillion dollar renovation last spring to earn the 271,251-square-foot, 12-story office building LEED Gold certification.

Founded in a Dupont Circle row house in 1997, Blackboard, which has occupied 111,895 square feet at 650 Massachusetts Ave. since 2008, will move into Ogilvy Public Relations Wordwide’s former space on the eighth through 10th floors beginning in December 2015.

Philip S. Thomas, Jr., Kerri Mulligan Salih, Matthew Venos and Callie Clemons of DTZ represented Clarion Partners, while Mark Richardson of Cushman & Wakefield negotiated the lease on behalf of Blackboard. By Adam Kosna


PennTex Midstream Renews, Expands Corporate HQ


PennTex Midstream Partners LP, which owns and operates 'midstream' energy infrastructure properties, has renewed the lease for its corporate headquarters.

The company expanded into 14,625 square feet at 11931 Wickchester Ln., a 61,872-square-foot, four-story office building located in Houston's Katy Freeway West submarket.

Jill Bond Nesloney with Griffin Partners Inc. repped the tenant, while Griffin Jaggard of Moody Rambin represented the landlord, Dornin Investment Group. By Shontae Dennis-Scott


Varde Partners Takes 36,000 SF at AT&T Tower


Varde Partners signed a lease for 36,461 square feet of office space in the AT&T Tower located at 901 Marquette Ave. in Minneapolis, MN. The 33-story, 606,579-square-foot, 4-Star office building is located in the downtown CBD submarket.

Varde Partners is relocating from the Normandale Lakes office park in Bloomington, taking space on the 32nd and 33rd floor of their new location in January 2016. Mark McCary with CBRE represented the landlord. By Brandon Burns


Gallagher Benefit Svcs Leases 35,000 SF


Gallagher Benefit Services Inc., an insurance company, signed a 34,868-square-foot lease at 4000 Midlantic Dr. in Mount Laurel, NJ.

The three-story, 46,945-square-foot office building was constructed in 1981 in the North Burlington County submarket as part of the Laurel Corporate Center.

Evan Zweben from Colliers International represented the tenant. Donna Bleiler with Brandywine Realty Trust represented the landlord in-house. By Tho Vu


Comverse Renews Office Lease in Mount Laurel


Comverse Inc. renewed its 30,731-square-foot lease at 1025 Briggs Rd. in Mount Laurel, PA. The single-story office building totals 61,019 square feet. It was built in 1994.

Even Zweben and Joseph Fetterman of Colliers International represented the tenant. Dan Close, Rick Widerman, and John Mozzillo of JLL represented the landlord. By Nashira Smith


Lincoln Investment Relocating HQ to Apex Fort Washington


Lincoln Investment Planning, a national financial advisory firm, has signed an 11-year lease for the entire third floor totaling 48,412 square feet at 601 Office Center Dr. in Fort Washington, PA.

Bldg 601 is a 154,756-square-foot office building within the 400,000-square-foot Apex Fort Washington office complex in Montgomery County. Constructed in 1987, the campus also houses offices for Nutrisystem, Bristol-Myers Squibb and AmeriHealth Administrators, although AmeriHealth will be relocating in early 2016 to 1900 Market St. in Center City.

Patrick Kelley of Avison Young represented Lincoln Investment Planning in lease negotiations. Jeff Mack, Adam Shute and Patrick Nowlan of Newmark Grubb Knight Frank represented the landlord, Kairos Real Estate Partners. By Autumn George


DoubleLine Moving to Wells Fargo Ctr North


Investment management firm DoubleLine has signed a lease for 25,965 square feet on the 18th floor of the Wells Fargo Center - North Tower at 333 S. Grand Ave. in Los Angeles, CA. The tenant will take occupancy next month on an 11-year lease expiring in 2026.

The 54-story, 1.42 million-square-foot office tower was originally built in 1982 at the southwest corner of Third Street in downtown LA.

John Barganski, James Malone, Marin Turney and Rachael Zanetos with Brookfield Office Properties represented the landlord in-house. David Toomey and Brian Davies of Cresa represented the tenant. By Troy Friedeck


Spanning Cloud Apps Leases 20,391 SF in Austin CBD


501 Congress Ave secures another lease with a new tenant Spanning Cloud Apps, which agreed to take 20,391 square feet of office space in the Annex Building located at 501 Congress Ave.

The five-story Annex building totals 116,437 square feet and recently signed tech firm Dropbox as a tenant.

EMC is the parent company to Spanning Cloud Apps LLC. Spanning is a cloud apps backup focused company that plans to increase headcount with this larger Austin CBD location.

Lance Sallis of Stream Realty Partners represented the landlord and Chris Marchbanks of Cresa represented the tenant. By Haener Elie Jr.


Prosper Leases 33,898 SF in San Francisco


Prosper, a peer-to peer lending platform, signed a lease for 33,898 square feet in the office building at 201 Spear St. in San Francisco. The 18-story building totals 246,563 square feet on the corner of Spear and Howard Streets in the city's south financial district.

KBS Realty Advisors acquired the LEED Gold property in 2013, according to CoStar information.

Prosper's lease will be for the entire third and fourth floors. Other tenants in the building include iMatchative and Verizon.

Mark McGranahan of Cushman & Wakefield represented Prosper, while Zachary Siegel and Sam Wasserstein, also of Cushman & Wakefield, represented KRS. By John Walz


Broadcom Renews, Expands Into 60,000 SF at Brickstone Square


Broadcom Corp. expanded at Brickstone Square to a total of 60,000 square feet after agreeing to a renewal and 17,000-square-foot expansion with building owners Oaktree Capital Management and KS Partners.

The Fortune 500 semiconductor manufacturer occupies space on the fifth and sixth floor at 200 Brickstone Square, a six-story, 379,384-square-foot office building located in Boston's Lawrence/Andover submarket.

200 Brickstone is part of the four-building, one million-square-foot Brickstone Square office park. Oaktree Capital and KS Partners acquired the park in 2014. Other tenants include NewRiver, ALKU and Genesis HealthCare.

CBRE/New England’s Kerry Olson Hawkins, Jason Levendusky and Jake Borden provided representation for KS Partners and Oaktree Capital, while representatives with Cresa negotiated on behalf of Broadcom. By Fran Koerner


Cambridge Trust to Open Office in Blanchard Woods


Cambridge Trust Co., a chartered commercial bank and subsidiary of Cambridge Bancorp, signed a lease with Duffy Properties to occupy 40,460 square feet at 78 Blanchard Rd. in Burlington, MA.

The five-story, 126,685-square-foot, Class A office building was built in 2001 and renovated in 2014. Cambridge Trust Co. plans to relocate its Fresh Pond Cambridge office by the end of 2015 with approximately 100 employees moving to the new space.

78 Blanchard is one of three buildings that make up the 200,000-square-foot Blanchard Woods office park developed by Duffy Properties. Located off I-95/Route 128, the park sits five miles from I-95 and 15 miles from downtown Boston. Cambridge Trust's lease brings the park to approximately 76% leased.

Mark Carangelo of Equitable Real Estate Solutions represented Cambridge Trust Co., while Alex Plaisted and Stephen Murphy of CBRE-New England represented Duffy Properties. By Jeannie Reamer


Ameris Bank Inks Deal in Riverplace Tower


Ameris Bank signed a 36,182-square-foot lease at the Riverplace Tower at 1301 Riverplace Blvd. in Jacksonville, FL.

The 28-story, 498,808-square- foot, Class A office building was built in 1967 and is in the Downtown Southbank submarket. Jesse Shimp and Kaycee Gardner of JLL represented the landlord, a joint venture comprised of Lingerfelt Commonwealth Partners and FIG LLC, in negotiations. By Monique Heckman


Pandora Media Gives Thumbs Up to SL Green's 125 Park Ave


Pandora Media LLC, a popular online streaming music provider, has signed a new 10-year lease for 51,065 square feet at 125 Park Ave. in New York City, doubling its total occupancy at the tower to 103,515 square feet on four contiguous floors.

The 30-story, 654,852-square-foot, 4-Star office building was constructed in 1923 in the Grand Central submarket of Midtown Manhattan, between East 41st and 42nd Streets and directly across from Grand Central Terminal. Now more than 98 percent leased, the building also includes Haworth, Canon Business Solutions, TD Bank and Newmark Grubb Knight Frank as tenants.

SL Green Realty Corp. acquired the property in 2010 from Shorenstein Realty Services for $330 million, according to CoStar data.

At 125 Park, the rapidly-expanding Pandora will now occupy the entire 21st and 22nd floors, in addition to its existing space on the 19th and 20th floors.

"We were delighted to work together again with Pandora to accommodate the company’s rapid growth," said Steven Durels, SL Green executive vice president, director of leasing. "Pandora constructed an extraordinary office environment for its employees, which demonstrates the opportunity for creative tenants to maximize the convenience of well-located midtown buildings.”

William Iacovelli and Ramsey Feher with CBRE represented Pandora in lease negotiations. Howard Tenenbaum and Gary Rosen with SL Green's in-house leasing team were assisted by David Falk, Peter Shimkin, Daniel Levine, Brian Waterman, and Jonathan Tootell with Newmark Grubb Knight Frank. By Justin Sumner


HDI-Gerling America Expands HQs


HDI -Gerling America Insurance Co., a specialized property and casualty insurance provider for medium to large industrial clients, will maintain its North American headquarters in Chicago's Central Loop after agreeing to renew its 19,415-square-foot lease at 161 N. Clark. The firma also agreed to take an additional 6,808 square feet on the 49th floor for a total of 26,223 square feet.

David Kimball of MB Real Estate's corporate services and tenant advisory group represented HDI-Gerling, while Jonathon Cordell of The John Buck Co. represented the landlord, CBRE Global Investors. By Philip Moss


Obermayer Leases 61,000 SF at Centre Square


Law firm Obermayer Rebmann Maxwell & Hippel LLP leased 60,544 square feet, taking two contiguous floors on a 16-year term at the Centre Square - West Tower office building at 1500 Market St. in Philadelphia, PA.

The 43-story, 1.38 million-square-foot, 4-Star office tower was built in 1974. The law firm has been in operation for more than 90 years in the Philadelphia area, and will move to its new location in March 2016.

Christian Dyer and Nick Gersbach of CBRE represented the landlord. Judson Wambold and Martin Bond of Tactix Real Estate Advisors represented the tenant. By Justin Smith


Bennett Thrasher Leases 62,500 SF in Atlanta Office Project


Bennett Thrasher LLP, the eighth largest accounting firm in Atlanta and the 100th largest in the United States, leasedr 62,500 square feet at Highwoods Properties' Riverwood 200 development in Atlanta's Cumberland Galleria/Northwest submarket.

The 12-story office building will total 299,000 square feet next to Highwoods' 502,500-square-foot Riverwood 100 building once construction wraps up in June 2017.

Bennett Thrasher LLP’s lease includes the entire fifth and sixth floors, and half of the seventh floor. The firm will join Delta Community Credit Union, which signed for 79,000 square feet earlier this year.

Representatives with Highgate Partners represented Bennett Thrasher, while Mike Wells and Jim Bacchetta provided in-house representation for Highwoods Properties. By Louise Cook


NJSIG Inks 20,000-SF Lease at Laurel Corp Ctr


New Jersey Schools Insurance Group signed a lease to occupy 20,073 square feet at 6000 Midlantic Dr. in Mount Laurel, NJ.

The 169,885-square-foot office building, located within the Laurel Corporate Center, was constructed in 1987 on eight acres in the North Burlington County submarket of Philadelphia. The seven-story, multi-tenant office property includes 1,575 parking spaces and features a conference facility and restaurant.

Evan Zweben with Colliers International represented the tenant. Whitesell Construction Co.'s leasing department handled lease negotiations in-house. By Donna Stokes


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