Office Lease Up (Feb. 1) Omnicom Renews 167,000-SF Lease at SL Green's News Bldg
Wrap-Up of Latest Largest Office Leases Reported Include: CircleBack, Extreme Networks, Fitbit, Humana, Intersection and Sidewalk Labs, Metabolix, MultiView, ReviewTrackers, Sanofi Genzyme, Sinclair Television and more
February 1, 2016
Omnicom Group extended its lease totaling 167,003 square feet in The News Building at 220 E. 42nd St. in New York City for another 15 years. The network of marketing communication agencies will remain on the 11th through 15th floors in the building, owned by SL Green Realty Corp.
The 37-story, 1.3 million-square-foot office tower was built in 1929 by New York News in the Grand Central submarket of Manhattan, between Second and Third Avenues, in the art deco style. The building was designated a National Historic Landmark in 1998. Other tenants include WPIX TV, Tribune Company, The United Nations, and Martin Clearwater & Bell.
Lee Feld with Feld Real Estate LLC represented Omnicom in lease negotiations. SL Green handled the deal in-house. By: Justin Sumner
MultiView Extends 109,610-SF HQ Lease at One Panorama Center
MultiView Inc. will maintain its corporate headquarters at One Panorama Center in Irving, TX, after the digital marketing company agreed to a 109,610-square-foot extension.
The company carried out a broad search across northwest Dallas before deciding to re-up at the Class A office building at 7701 Las Colinas Ridge, a decision buoyed by new owner Regent Properties' commitment to upgrade the property and offer a competitive deal structure.
The renewal is a major coup for Regent, a Los Angeles-based real estate investment management company that acquired the asset in October 2014 from Boxer Properties. Completed in 1999, One Panorama Center is a 208,450-square-foot, eight-story office building developed by Transwestern near the LBJ Freeway/I-635 and President George Bush Turnpike/State Hwy. 161 intersection. Also home to QBE and Commercial Metal's, among others, the property currently has more than 35,000 square feet of available space for lease, according to CoStar information.
Duane Henley and Nathan Durham of Transwestern negotiated the extension on behalf of Regent Properties, while John Fulton, SIOR, also of Transwestern, represented MultiView. By: Ben Harris
Cleary Gottlieb Steen & Hamilton to Anchor New Spec Project in DC
Skanska has secured an anchor tenant for its 240,000-square-foot speculative project slated to break ground next month at 2112 Pennsylvania Ave. NW in downtown Washington, D.C.
Cleary Gottlieb Steen & Hamilton, an international law firm headquartered at One Liberty Plaza in New York City, will shift its D.C. office from nearby 2000 Pennsylvania Ave., where the firm currently occupies nearly 108,000 square feet, to 114,958 square feet at 2112 Pennsylvania Ave., NW, committing to take the top five floors at the 11-story spec project being developed and built by Skanska. Occupancy is scheduled in 2019.
Designed by Gensler, 2112 Pennsylvania Ave. will deliver in early 2018 on a half-acre site southeast of Washington Circle and within walking distance of the Foggy Bottom-GWU Metro Station. The Newmark Grubb Knight Frank team of Moshe Sukenik and Aaron Katz represented Cleary Gottlieb, while Brian Raher, Joshua Kreider, Scott Russi and Michael Katcher of Cushman & Wakefield represented Skanska and handle leasing for the project. By: Javier B. Jennings
Sinclair Television Renews for 100,000 SF in Rosslyn
Sinclair Television Group, which owns WJLA and News Channel 8, renewed its lease for 100,000 square feet in 1000 and 1100 Wilson Blvd. in Arlington, VA. Sinclair acquired WJLA and News Channel 8 in 2014 from Allbritton Communications. The term of the new lease runs through 2021.
The twin Rosslyn office towers total a combined 1,083,000 square feet and were constructed in 1985. Monday Properties has overseen extensive upgrades and improvements in recent years to enhance the amenities and tenant appeal.
"This recent robust leasing activity in the Towers is a reflection of the investments we’ve made into providing the modern amenities tenants want," said Monday Properties president Tim Helmig.
Joe Judge, Mike Rodan, Wendy Blue and Robb Johnson of JLL represented Sinclair Television Group. The building owner was represented by Monday Properties' Helmig along with John Wharton and Deniz Yener. By: Heather Burgess
Intersection, Sidewalk Labs Latest Additions at 10 Hudson Yards
Intersection, the urban experience startup formed in 2015 following a merger between Control Group and Titan, and its lead investor Sidewalk Labs, have leased more than 67,000 square feet of office space at 10 Hudson Yards - the 52-story office tower rising on Manhattan's West Side.
The first office building in the Hudson Yards development, 501 W. 30th St. is nearing completion, with tenants expected to begin moving in this spring. Intersection and Sidewalk Labs will join Coach Inc., The Boston Consulting Group, L'Oréal USA, SAP and Vayner Media in the building.
Designed by Kohn Pedersen Fox Associates, the 1.73 million-square-foot, 5-Star office tower broke ground in December 2012 in the Penn Plaza / Garment District submarket of Manhattan. It topped out in October 2015 and today is almost fully leased.
Michael Laginestra, Rocco Laginestra, Chris Corrinet and Chris Hogan with CBRE represented the tenants. Robert Alexander with CBRE and Stephen Winter at Related represented the landlord. By: Justin Sumner
Comprehensive Health Renews in Tampa
Comprehensive Health Management Inc. (CHM) has renewed its lease for 66,000 square feet at the Meridian Premier Center at 3900-3960 Premier North Dr. in Tampa, FL. A provider of administrative services for health maintenance organizations, CHM will continue its occupancy at the 103,521-square-foot office center, currently 96 percent leased.
The three-building office campus was built between 1997 and 2002 on 12 acres in the Carollwood neighborhood, and features a 6:1 parking ratio and proximity to the Tampa International Airport, Veterans Expy, the Westshore Business District and Downtown Tampa.
Jim Moler and Deana Beer at JLL represented the landlord, Meridian Development Group. David Johnson, Liz Osborne and Jimmy Garvey with Cushman & Wakefield represented the tenant. By: Justin Sumner
Extreme Networks Extends Lease in Raleigh
Extreme Networks Inc., a San Jose-based networking company, has renewed its 54,530-square-foot office lease at 2121 RDU Center Dr. in Morrisville, NC. The office building, known as RDU Center III, totals 114,518 square feet in size and is located adjacent to the I-40/Aviation Parkway intersection and within a half-mile of the RDU Airport.
Extreme Networks Inc.’s renewal includes space on the first and third floors of the LEED Silver-certified property. Other tenants in the building include Align Technology and M*Modal, according to CoStar information. Ed Pulliam and H. Lee Clyburn of CBRE|Raleigh represented the landlord, The Dilweg Cos., in the deal, while John Daly and Jason High, also of CBRE|Raleigh, represented EXTR. By: Jessica Fritz
Sanofi Genzyme Signs 53,879-SF Expansion
Sanofi Genzyme, a life science company selected for expansion by its French pharmacuetical owner in a corporate restructuring last year, signed a 53,879-square-foot lease expansion with Ferris Development Group LLC at One Research Drive in Westborough, MA. Sanofi Genzyme’s lease represents a 47% expansion and brings its total footprint to 167,901 square feet. The building is now more than 96% occupied.
Ferris Development Group purchased One Research Drive in February 2014 when it was 50% vacant for $21.5 million. Sanofi Genzyme moved into 114,022 square feet in fourth-quarter 2014.
Transwestern partners John Lashar and Paul Leone, along with associate McKenna Teague, represented Ferris Development in the expansion. Louis Kluger with JM Zell Partners Ltd. represented Sanofi Genzyme with the assistance from JM Zell’s Jeff Zell and Marc Sobel. By: Mark Heschmeyer
Bureau Veritas Signs 43,600-SF Lease in Greenspoint Park
Bureau Veritas, a France-based company that provides testing, inspection and certification services, leased 43,600 square feet within Greenspoint Park in Houston. The company will open an office at 16800 Greenspoint Park, a 174,612-square-foot, three-story building also referred to as Greenspoint Park II.
Michelle Wogan and Evelyn Ward of Transwestern represented the landlord, NorthStar Healthcare, in negotiations, while Beau Bellow, Ronnie Deyo and Todd Schaefer of JLL represented Bureau Veritas. By: Shavon Shockley
Ascensia Diabetes Care Sings New 43,534-SF Lease
Ascensia Diabetes Care US Inc., a producer of blood glucose monitoring kits owned by Panasonic Healthcare Holdings Co. Ltd. and global investment firm KKR, will locate its U.S. headquarters to 5 Wood Hollow Road in Parsippany, NJ. Ascensia signed a lease for 43,534 square feet for over 10 years with Mack-Cali Realty Corp.
Ascensia was represented in the transaction by Roby Bull and Steven Rotter, both of JLL. Mack-Cali was represented in-house by Brian Decillis, vice president of leasing. By: Mark Heschmeyer
CircleBack Lending Leases New 42,000-SF HQs
CircleBack Lending signed a seven-year lease deal totaling 42,000 square feet at Boca Colonnade I in Boca Raton, FL. This headquarters lease ranks among the top-five largest office leases signed in 2015 in Palm Beach County.
Located at 777 Yamato Road, Boca Colonnade I comprises 155,481 square feet of Class A office space. CircleBack Lending expanded from a 15,000-square-foot space in the same building. Stiles Realty Vice President Matthew Schwartz represented the internet-based consumer lending financial services company. Liberty Property Trust, which owns Boca Colonnade I, was represented by its director of leasing Jonathan Guffey. By: Mark Heschmeyer
Metabolix Signs 10-Year Lease for New HQ in Woburn
Metabolix, a specialty biomaterials company focused on solutions for customers in the plastics industry, will relocate its headquarters to Woburn, MA after the company agreed to a 10-year lease with building owner Alexandria Real Estate Equities for 29,622 square feet at 19 Presidential Way.
Metabolix plans to shift its corporate office from 21 Erie St. in Cambridge to its new headquarters building in June. The company will also consolidate its office at 650 Suffolk St. in Lowell, which includes biopolymers sales, marketing and administrative offices and biopolymers research and development laboratories, to the Woburn complex in May 2017. The company said it is ramping up its PHA biopolymer market development activities as it transitions from pilot scale to commercial scale operations.
"The move also allows us to reduce our overall footprint as we consolidate our Massachusetts operations into 19 Presidential Way and significantly reduce facilities-related leasing and operating costs starting in 2017," said Joseph Shaulson, president and CEO of Metabolix.
19 Presidential Way is a four-story, 144,892-square-foot flex building completed in 1998 and renovated last year. Don Domoretsky of JLL represented Metabolix in negotiations, while Jonathan Varholak, Brian McKenzie, James Lipscomb and Kirk Weller of Transwestern RBJ represented Alexandria Real Estate Equities. By: Jeannie Reamer