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Office Lease Up (March 7) Netflix Expands Prelease Commitment at Icon

Weekly Wrap-Up of Largest Reported Office Leases Include: Mortgage Contracting Services, Grovo Learning, World Economic Forum USA, Gateway Funding, and more
March 7, 2016
Netflix, a global provider of streaming movie and TV entertainment with almost 2,500 employees, has signed a new lease for the remaining 123,000 square feet of office space at the Icon building.

The 10-year deal will see Netflix take occupancy of the entire property, currently under construction at 5808 W. Sunset Blvd. in Los Angeles, CA. Last August, Netflix leased 200,000 square feet there.

The 14-story, 323,273-square-foot office tower is expected to deliver by the end of this year after breaking ground in March 2015. It sits on a 4.4-acre site at the northeast corner of the Sunset Bronson Studios lot in the Hollywood / Silver Lake submarket.

This marks the largest lease executed in Hollywood in terms of square footage, according to Victor Coleman, chairman and CEO of Hudson Pacific Properties, which owns the Gensler-designed tower.

Blake Mirkin, Robert Waller, Christine Dalida, Patrick Amos and Daniel Rainer with CBRE represented the landlord in both leases. Clay Hammerstien and Jeff Black at CBRE represented the tenant. By Keith Dornin

Mortgage Contracting Services Takes 120,000 SF in Lewisville for New HQ

Mortgage Contracting Services leased the entire second and part of the first floor, totaling 120,910 square feet, at The Ridge at 121 at 350 Highland Dr. in Lewisville, TX. The location will serve as the company's new headquarters.

The 160,910-square-foot office building delivered in 2004 in the Lewisville submarket and was the former headquarters location of Nationstar Mortgage until the company moved out last month.

Mortgage Contracting Services will relocate its corporate offices to the new location this summer. The new space can accommodate 720 employees and is 50,000 square feet larger than the company's current headquarters in Plano.

Fletcher Cordell and Nathan Durham of Transwestern Dallas represented the landlord, Peak Holdings LLC, in this transaction. David Wetherington of Colliers International represented the tenant. By Timothy Weber

Grovo Learning Leases 70,000 SF in NYC

Grovo Learning, a technology company, signed a ten-year lease for 70,140 square feet in the office building at 50 W. 23rd St. in New York, NY.

The 14-story office building totals 340,634 square feet. Jack Resnick & Sons, Inc. developed the property in 1925. The property was last sold in 2010 to Two Trees Management Co. LLC., according to CoStar data.

Grovo's lease includes the entire fifth and sixth floors. Other tenants in the building include Dropbox and SoundCloud Ltd.

Eric Ferriello and Robert Tunis of Colliers International represented the tenant. Elizabeth Bueno and Dan Conlon of Two Trees Management Co. LLC represented the landlord. By Michael Hess

World Economic Forum USA Leases 39,000 SF in Midtown

World Economic Forum USA, a non-profit business league headquartered in Geneva, will take 39,032 square feet on the 10th and 11th floors at RFR's 350 Madison Ave. in Midtown Manhattan.

The 25-story office building was originally delivered in 1924. Under RFR's ownership the asset has recently undergone major renovations.

Daniel Turkewitz, Mitchell Konsker, Alex Chudnoff, Oliver Katcher, and Diana Biasotti with JLL represented the landlord along with A.J. Camhi with RFR Realty. Robert Silver and Scott Brown and Newmark Grubb Knight Frank represented the tenant. By Kelly Faulk

Gateway Funding Renews Lease in Horsham

Full-service mortgage banking firm Gateway Funding Diversified Mortgage Services has renewed its lease for 33,205 square feet at 300 Welsh Rd. in Horsham, PA.

The tenant will continue to occupy the entirety of Bldg 5 in the Horsham / Willow Grove submarket of Philadelphia through 2023.

Michael Sweeney of Workspace Property Trust represented the landlord in-house. By Ben Atwood

Calithera Biosciences Leases Additional 24,900 SF of HQ Space in South San Francisco

Calithera Biosciences, Inc. signed a seven-year extension and expanded its corporate office from 29,080 square feet on the second floor into the remaining space at the 53,980-square-foot flex building at 343 Oyster Point Blvd. in South San Francisco, CA. The expansion is planned to commence December 1, 2016.

Owned by Alexandria Real Estate Equities (NYSE: ARE), the two-story complex services as the headquarters for Calithera Biosciences, a biosciences technology company that has occupied space in the building since 2013.

This is the second time Calithera has amended its lease agreement with ARE. Terms of the first renewal were expiring November 30, 2017. With this new amendment, the term now expires on January 31, 2024. The lease deal included an option to extend for two years at the same negotiated terms and conditions. By Jonelle Lenz

ACU Expands at One Hanover Park in Addison

Abilene Christian University (ACU), a private master’s level university, signed a 25,719-square-foot lease with PM Realty Group to expand its footprint at One Hanover Park in Addison to more than 51,000 square feet. ACU already occupied the entire 8th floor and has now expanded into the entire 6th floor.

The eight-story, 195,754-square-foot, Class A office building is located at 16633 N Dallas Pky. in the Quorum/Bent Tree submarket. It was constructed in 1998 and was awarded an Energy Star label in 2015 for its operating efficiency.

Kurt Cherry, Brittany Rickett, and Shea Byers of PM Realty Group represented the landlord in-house. Holden Lunsford and James Engels of Holt Lunsford represented the tenant. By Greg Charlton
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