Office Lease Up (Jan. 4) Thompson Hine Renews 125,120 SF in Cleveland’s Key Tower
Wrap-Up of Latest Largest Office Leases Reported Include: Abaxis, Dollar Financial, Hansen Medical, HubSpot, Intersi, Penumbra, Sunrun, Tangoe and more
January 4, 2016
Thompson Hine LLP, a Cleveland-based law firm, consolidated its office space after signing a 12-year lease renewal for 125,120 square feet in the Key Tower at 127 Public Square in downtown Cleveland.
The 57-story building totals 1.4 million square feet and is one of the tallest buildings between New York City and Chicago. Thompson Hine has called the tower home for the last 20 years.
The law firm's lease includes six floors: the 29th, 30th and 36th through 39th. It relinquished two floors it had previously occupied in the office tower. Other tenants in the building include the tower’s namesake tenant Key Corp. as well as another law firm, Baker Hostetler.
John Klayman of Jacobs Real Estate Services LLC represented the owner, Columbia Property Trust. By Austin Mellor
Intersil Gives Back Space To Make Way for New Tenant
Intersil Corp. amended its office lease with affiliates of CBRE Global Investors to give back surplus space at its company headquarters in Milpitas, CA.
Under terms of the amendment, the maker of semiconductors will surrender 19,530 square feet that it no longer utilizes at 915 Murphy Ranch Road. In exchange, the firm agreed to extend the lease term for the remaining 126,219 square feet at 933 and 1001 Murphy for an additional 39 months.
According to Intersil, the landlord has another tenant lined up for the space it was not using, which prompted the amendment. Kidder Mathews and Cresa collectively represented Intersil. CBRE Inc. represented the landlord. By Mark Heschmeyer
Abaxis Expands into Third Building in East Bay
Abaxis Inc. amended its lease with affiliates of Woodstock Development covering 126,363 square feet at 3200 and 3240 Whipple Road in Union City, CA.
The company, which develops point-of-care technologies for veterinary practices, extended its lease through until March 2026, with two, five-year extension options. It also added 32,015 square feet at 3280 Whipple Road commencing April 1, 2016.
The company also has the right of first offer to lease up to 44,199 square feet of additional space adjacent to the its expansion space. By Mark Heschmeyer
Penumbra Re-Ups, Expands in East Bay
Penumbra Inc. entered into a lease with SKS Harbor Bay Associates LLC for additional office and R&D space at the company’s headquarters at the Harbor Bay Business Park in Alameda, CA.
The medical devices company agreed to lease 99,968 square feet of rentable area plus an additional 15,882 square feet which may be delivered by May 1, 2016, at properties at 1301, 1311 and 1401 Harbor Bay. In addition, the company has a right of first offer to purchase all of the buildings and a building at 1431 Harbor Bay Parkway. By Mark Heschmeyer
Tangoe Preleases 80,000 SF in Southern Connecticut
Expense management software provider Tangoe Inc. will lease a new 80,000-square-foot, four-story building to be constructed by developer R. D. Scinto Inc. on Marsh Hill Road in Orange, CT.
The 15-year lease will commence from the date of substantial completion, which is expected to be by Jan. 27, 2017. By Mark Heschmeyer
HubSpot Takes Another 67,000 SF
HubSpot Inc. amended its with Jamestown Premier Davenport LLC for 118,561 square feet of office space at 25 First St. in Cambridge, MA. The amendment adds 66,887 rentable square feet of office space.
It also provides for the company, which develops and markets a software product for inbound marketing, to lease the remaining 29,114 rentable square feet of office space in the building as it becomes available and 10,000 square feet of basement storage space.
Brokers on the transaction were listed as T3 Advisors and Transwestern RBJ. By Mark Heschmeyer
Kirkland & Ellis Leases 62,000 SF at 609 Main St. Tower
Law firm Kirkland & Ellis LLP signed a lease for 62,000 square feet at 609 Main at Texas, a massive new office development being built by Hines that is slated to deliver in downtown Houston in early 2017.
Construction began March 2014 on the 48-story office tower, which will total more than 1.05 million square feet on the corner of Main and Texas streets in the city's central business district. The building was designed by Pickard Chilton to meet LEED Platinum specifications.
Kirkland & Ellis, which also leases more than 674,800 square feet in Hines' 300 N. LaSalle tower in Chicago, will relocate its 45 Houston employees from 600 Travis St. to two-and-a-half floors at 609 Main following the building's completion.
Steve Burkett and Chad Baker of JLL represented Kirkland & Ellis LLP, while Damon Thames and Michael Anderson of Colvill Office Properties represented Hines, the new tower's developer and manager. By Shontae Dennis-Scott
Sunrun Subleases 35,000+ SF
Sunrun, a San Francisco-based provider of residential solar energy, signed a sublease for 35,626 square feet of office space at the Park Central building at 1515 Arapahoe St. in downtown Denver.
The 16-story, 628,301-square-foot office building was constructed in 1973 in Denver's central business district and is anchored by MarkWest Energy Partners, Bridgepoint Education and Consumer Capital Partners. Sunrun will occupy the entire sixth floor.
Lee Diamond, Chris Phenicie and Hilary Barnett of CBRE represented the existing tenant with the sublease deal. By Andrea Lawson
Dollar Financial Leases 34,000 SF in Malvern
Dollar Financial Group Inc. leased 33,892 square feet in the ArborRidge 3 office building at 74 E. Swedesford Rd. in Malvern, PA. The single-story, 56,128-square-foot property was built in 1958 on 5.2 acres in the Exton / Whitelands submarket of Chester County, part of the ArborRidge business park.
W. Whitney Hunter and Christopher Warner with JLL represented the landlord, Alliance Partners HSP. By Antwan Davis
Hansen Medical Relocates Within South Bay Market
Hansen Medical Inc. entered into a lease with LBA Realty to rent 32,552 square feet of office and manufacturing space at 1120 Ringwood Court in San Jose, CA. The newly leased space will replace its former office in Mountain View, CA, at 800 E. Middlefield Road. Hansen Medical agreed to terminate its lease for that space with Google. The lease termination is to become effective by Aug. 31, 2016.
In addition to reducing the company’s total amount of leased space, Hansen Medical said its new lease will reduce the company’s monthly base rent by about 70%. CBRE Inc. represented the landlord and JLL represented the tenant. By Mark Heschmeyer