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Office Lease Up (Jan. 18) Chemonics, BerkleyNet Take Down Big Leases in Northern Virginia

Wrap-Up of Latest Largest Office Leases Reported Include: Alkeon, CoverMyMeds, Dex One, Dropbox, KBR, Medallion Financial, Shutterstock and others
January 18, 2016

Chemonics International Leases 53,929 SF in NoVA

Chemonics International, an international development firm, signed a six-year lease for 53,929 square feet in the office building at 251 18th St. South in Arlington, VA. The 12-story building totals 329,044 square feet in the Crystal Square office park. Vornado/Charles E. Smith developed the property, which was designed by WDG Architecture.

Chemonics leased the entire 11th and 12th floors of the building. Other tenants in the building include American Society for Radiation Oncology and National Council of Aging.

Glenn Meltzer and Robert Katz of The Ezra Co. represented Chemonics. Randall Lennon, Leanne Berthiaume, Gary Cook and James Creedon of Vornado/Charles E. Smith represented the landlord in-house. By Banning Kuebler

BerkleyNet Signs 49,000 SF at Innovation Park

Prince William County VA’s Innovation Park is set to welcome its newest tenant - BerkleyNet, a member company of insurance provider W. R. Berkley Corp. BerkleyNet has outgrown its current headquarters location in Woodbridge, VA, and chose Innovation Park after an extensive search throughout Northern Virginia.

Its new facility to be at 9301 Innovation Drive in Manassas will accommodate all 125 current employees as well as additional space to accommodate expected future growth.

Due to be completed in 2017 by developer Buchanan Partners, the new 70,000-square-foot facility will be known as BerkleyNet Center @ Innovation Park. The company committed to occupy 49,000 square feet for a term of 15 years in the build-to-suit on a site owned by Buchanan Partners.

Colliers’ Senior Managing Director Howard Kaplowitz worked with Keith Summers locally to provide site selection, programming, developer comparison analysis, and lease transaction services for BerkleyNet. By Mark Heschmeyer

KBR Signs 80,000 SF Lease at Galleria Office Tower

KBR, Inc. (NYSE: KBR) signed a lease with building owner Jim Wilson & Associates for 80,000 square feet within the Galleria Office Tower at 3000 Riverchase Galleria in Hoover, AL. The Houston-based engineering firm and former Halliburton subsidiary is expected to take occupancy in the second quarter of 2016, moving 400 employees to the fourth, 11th, 12th and 14th floors at the 17-story, 375,000-square-foot tower.

The Class A Galleria Office Tower is part of Riverchase Galleria, the state’s largest multi-use development and home to the Galleria Shopping Center and the Hyatt Regency Birmingham-The Wynfrey Hotel.

JLL’s Carter Burwell represented KBR in the transaction, while Harbert Realty Services’ Tanner Sumners represented Jim Wilson & Associates. By Brett Evans

Dropbox Signs New Lease in Chelsea

Dropbox signed a 31,270-square-foot lease at 50 W. 23rd St. in New York, NY. The 14-story, 340,634-square-foot office building was constructed in 1925 and renovated in 1990 in Manhattan's Chelsea submarket.

Martin Cottingham, Michael Gottlieb and Anthony LoPresti with Avison Young represented the tenant. Elizabeth Bueno and Dan Conlon with Two Trees Management Co. LLC represented the owner in-house. By Megan Ohlmacher

Shutterstock Expands in the Empire State Building

Shutterstock Inc. amended its lease with Empire State Realty Trust for its headquarters at the Empire State Building at 350 Fifth Ave. in New York. In addition to the office space Shutterstock currently occupies on the 20th and 21st floors, it will lease the entire 36th floor, an additional 25,000 square feet. Newmark Grubb Knight Frank represented Shutterstock. By Mark Heschmeyer

United Healthcare Workers East to Shift HQs to Quincy

The largest health care union in the U.S. has signed a lease to shift its corporate headquarters to the Heritage Point office park in Quincy, MA. 1199SEIU United Healthcare Workers East reached a deal with building owner Campanelli for 41,549 square feet at 108 Myrtle St., a 171,957-square-foot, six-story, Class A office building near I-93 and roughly six miles south of downtown Boston.

The union is planning to relocate from its long-time headquarters at 150 Mount Vernon St. in Dorchester, MA to its new space this June. Jeremy Roy, Mike Edward and Leeanne Rizzo of Newmark Grubb Knight Frank represented 1199SEIU. Matthew Morgan, Michael Frisoli, David Martel and Molly Davis, also with Newmark Grubb Knight Frank, represented Campanelli. By Fran Koerner

Alkeon Takes Two Full Floors at 350 Madison

RFR Realty leased 23,406 square feet of office space at 350 Madison Ave. to Alkeon Capital Management, which previously occupied space in the building. Alkeon will be moving from the ninth floor to the entire 19th and 20th floors later this year.

The 25-story, 380,766-square-foot office tower was built in 1924 at the southwest corner of E. 45th Street in Manhattan. RFR purchased 350 Madison in 2013 for $262 million. Other major tenants include Bank Leumi USA, Beacon Light Capital, and Braemar Energy Ventures. Alexander Chudnoff and Mitchell Konsker of JLL represented the landlord. Sinclair Li and Ryan Alexander with CBRE represented the tenant. By Henry D'Esposito

Medallion Financial Takes 18,650 SF at 437 Madison

With its redevelopment project in full force and scheduled to be completed in early 2016, the William Kaufman Organization (WKO) signed a 10-year lease renewal at 437 Madison Ave. with Medallion Financial Corp. The specialty finance company serving the taxicab, recreational vehicle and home improvement industries, has extended its 18,650 square-foot lease on the entire 38th floor at the 40-story, 850,000-square-foot office building. The company has been a tenant at the building since 1997.

Michael Lenchner, vice president and director of leasing at Sage Realty Corp., the leasing and management division of WKO, represented the building’s ownership in-house in the long-term transaction. Paul Davidson and William Mendelson of Newmark Grubb Knight Frank represented the tenant. By Mark Heschmeyer

CoverMyMeds Leases 15,000 SF in Highland Hills

CoverMyMeds signed a lease for 15,298 square feet in the Metropolitan Plaza office building at 22901 Millcreek Blvd. in Highland Hills, OH. The personal service company handles electronic prior authorizations which expedites the process of receiving permission slips from health plans for patients to begin medication.

The six-story office building, which totals 105,823 square feet, was built in 2000 by Metropolitan Savings Bank and is currently owned by Lone Star Funds, a division of Texas-based Hudson Advisors. Douglas Leary, Bob Leibold and Daniel Rose of CBRE represented the landlord. Matt Gregory and Andy Dutcher of NAI Ohio Equities LLC represented CoverMyMeds. By Nick Smith

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