Office Lease Up (Feb15) Ad Agency Droga5 Doubles Footprint on Wall St. to 208,000 SF
Weekly Wrap-Up of Largest Reported Office Leases Include: Aquinox, Braeburn Pharmaceuticals, CBRE, Choate Construction, Cisco, Citrix, Colgate-Palmolive, Ford Foundation, LLamasoft, VNA and VTS
February 15, 2016
Ad agency Droga5 leased an additional 111,000 square feet at 120 Wall St. in New York, NY. The firm will now occupy 208,000 square feet over 11 floors, including the 97,000 square feet it has occupied there since 2014.
With its latest lease, Droga5 becomes the largest tenant in the building, which is now fully leased. The 34-story, 615,000-square-foot, office building was constructed in 1929 and renovated in 2005 in Lower Manhattan's Financial District submarket, at the northwest corner of South Street. Other tenants in the building include Success Academy Charter Schools, National Urban League and Lambda Legal.
"Droga5 was one of the first pioneers to locate in Lower Manhattan, and we’re thrilled to see them expand to this impressive new size, said Jessica Lappin, president with the Downtown Alliance, which reports that 624 firms have moved to Lower Manhattan since 2005.
Roger A. Silverstein and Joseph Artusa with Silverstein Properties represented the landlord in-house. Ken Siegel and Howard Hersch of JLL represented Droga5.
The area south of Chambers Street is home to more than 800 TAMI companies, ranging from tech start-ups to major media like Condé Nast, Time Inc., HarperCollins, Macmillan, Broadcast Music, GroupM and MediaMath. By Chris Ulrich
Ford Foundation Leases 105,000 SF at 1440 Broadway
The Ford Foundation leased 104,525 square feet of office space on the 18th through 21st floors of 1440 Broadway in a three-year deal with the landlord, NY REIT.
The foundation owns its long-time headquarters at 320 E. 43rd St., a 287,000-square-foot building that was constructed in 1967 and designed by architect Kevin Roche. The building will undergo a full renovation. It will occupy its temporary space on Broadway while the renovation is ongoing.
The foundation's headquarters building at 1440 Broadway is a 25-story, 762,383-square-foot office tower built in 1925 in the Penn Plaza / Garment District submarket of Manhattan, at the northeast corner of W. 40th St.
Noel Flagg and James Saunders of Newmark Grubb Knight Frank represented Ford Foundation in the swing space lease. David Falk, Eric Cagner and Daniel Levine, also with NGKF, represented the landlord. By Henry D'Esposito
LLamasoft Opening New Office in Ann Arbor
LLamasoft Inc. signed a lease for 58,365 square feet within the McKinley Towne Centre at 401-407 E. Liberty St. in Ann Arbor, MI. The supply chain software company will occupy the entire second and third floors of the 136,397-square-foot, Class A office building located in downtown Ann Arbor near the University of Michigan campus.
This is the second lease signed at the building in as many months, as online brokerage company TD Ameritrade agreed to a 23,849-square-foot lease in early January in a deal negotiated by Neal Warling of JLL. James Chaconas of Colliers International represented LLamasoft in negotiations, while Chris Allen and Matt Mason of McKinley Inc. represented the landlord in both deals. By Fisayo Alade
HealthPort Leases 55,000 SF of Back Office Space in Phoenix
HealthPort, an Atlanta-area health care information management firm signed a long-term, 55,000-square-foot office lease at Metro North Corporate Park, 13610 N. Black Canyon Highway in Phoenix. The company is expected to occupy the space in March or April, 2016. Plans call for a back office space with a 500-seat call center.
Steve Farrell, principal with Lee & Associates negotiated the transaction with assistance from Scotland Wright Associates of Atlanta. Ray Cashen of Cashen Realty Advisors of Phoenix, represented the lessor. HealthPort is one of the largest providers of release of information (ROI) services and audit management and tracking technology for hospitals, health systems, physician practices and clinics to process and fulfill medical record requests and maintain compliance. By Mark Heschmeyer
Braeburn Pharmaceuticals Leases 33,940 SF in NC
Braeburn Pharmaceuticals, a specialty pharmaceutical company, signed a lease for 33,940 square feet in the office building located at 627 Davis Dr. in Morrisville, NC. Known as Tech VII, the flex building totals 87,134 square feet and is one of 11 buildings in the Keystone Technology Park. Keystone Corp. developed the property in 1999. Deborah Boucher of Cushman & Wakefield represented Braeburn. By Jakari Turner
CBRE Signs Lease for 31,000 SF in Minneapolis
CBRE signed a three-year office lease for 30,557 square feet in LaSalle Plaza at 800 LaSalle Ave. in Minneapolis. LaSalle Plaza is a 30-story office building that totals 588,908 square feet built in 1991 in the city's CBD submarket.
Employees from the firm's finance, brokerage, and other divisions will relocate to the new location during an expansion set to commence in July 2016. The new space encompasses the entire 19th and a portion of the 20th floors, and will be designed under CBRE's new "Workplace360" initiative that boasts more dynamic and innovative workspaces.
Jim Durda, Mary Burnton and Dan Rudeen with Zeller Realty Group represented the landlord in-house. Brandon Megal, Emily Nicoll and Tyler Kollodge with CBRE handled lease negotiations for the tenant. By Holden Brayboy
VNA Care Network Renews Lease in Southborough, MA
VNA Care Network, a home health care group, renewed its 20,717-square-foot lease for another three years at 333 Turnpike Rd. in Southborough, MA. The two-story office building totals 38,672 square feet in the Southborough Technology Park. Northland Investment Corp. developed the property in 1985 and KS Partners owns the building, according to CoStar Information.
VNA Care Network occupies the second floor. Other tenants in this building include a branch of Clark University and the Massachusetts Restaurant Association.
Jim Bartholomew with RW Homes Realty Co. represented KS Partners, while Glenn Rhuda with Mohr Partners represented VNA.
By Allison Quinn-Redding