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Office Lease Up (September 25) Facebook Takes 436,000 SF in San Francisco's Largest Office Lease Since 2014

Weekly Wrap-Up of Largest Reported Office Leases Include Deals by Ally Financial, Alexion Pharmaceuticals, AQR, Fox TV Stations and more
September 25, 2017
Facebook, Inc. has leased all 436,000 square feet of office space at developer Jay Paul's 181 Fremont St., a 70-story office tower under construction in downtown San Francisco across from the Transbay Transit Center.

The social media giant leased the space for about $80 per square foot and will occupy the entire office portion of the 802-foot-tall building, located less than a block from Salesforce Tower, the city's tallest skyscraper.

The lease, which was first reported by the San Francisco Business Times, is Facebook's first major lease in San Francisco and can accommodate up to 3,000 employees. The Menlo Park, CA-based company has scouted the San Francisco market for several years looking for a location to help ease commutes for employees who live in the metro.

JLL's Zé Figueirinhas represented Facebook in the deal, while Karl Baldauf and Lauren Whitlock of Newmark Cornish & Carey represented the developer Jay Paul. By Randyl Drummer

Ally Financial to Combine Operations in New Charlotte Office Tower

Crescent Communities will start construction early next year on a long-planned, 26-story office tower at 601 S. Tryon St. in Charlotte after signing Ally Financial Inc. (NYSE: ALLY) to a lease covering approximately 400,000 square feet in the proposed building.

The agreement will enable Ally to consolidate its Charlotte-area operations and approximately 1,700 area employees within the 742,000-square-foot office building set to deliver in early 2021. The Detroit-based financial services company presently leases three different office locations in Charlotte's Uptown, Ballantyne and SouthPark areas.

The new office project, to be renamed Ally Charlotte Center, will be located in the Stonewall Corridor, an area south of the city that has recently experienced rapid growth with a number of new residential and commercial development projects.

JLL brokers bookended both ends of the deal with Chase Monroe and Chris Schaaf representing Ally Financial and Charley Leavitt and Barry Fabyan representing Crescent Communities in the lease negotiations. By CoStar News Staff

Alexion Pharmaceuticals' 150,000-SF HQ Lease Brings 121 Seaport Project to Full Occupancy

A second major office lease at Skanska's 421,320-square-foot, 17-story office high-rise slated to deliver early next year at 121 Seaport Blvd. in Boston's Seaport District has brought the elliptical-shaped tower to full occupancy.

Alexion Pharmaceuticals finalized a deal that will see the global biopharmaceutical relocate its corporate offices from New Haven, CT to 150,000 square feet across the third through eighth floors of 121 Seaport beginning in June 2018.

William Anderson and David Martel of Newmark Knight Frank represented Skanska in negotiations, while John Boyle and William Foley of Cushman & Wakefield represented Alexion Pharmaceuticals in the deal. By Allison Quinn-Redding

AQR Leases 86,000 SF in Greenwich

AQR, a global investment management firm, has signed a lease for 86,117 square feet in the office building at 1 Greenwich Plz in Greenwich, CT.

The four-story office building totals 180,464 square feet in the Greenwich Plaza business park. The property delivered in 1969. Other tenants include Aristeia Capital LLC and JD Capital Management LLC.

Ed Tonnessen of JLL represented the landlord, Albert B. Ashforth, Inc. By Matthew Hamburger

Fox Television Stations Moving Studios, Offices to Downtown Bethesda

Fox Television Stations broadcasted some news of its own after disclosing the media group will relocate from northwest Washington, D.C. to Carr Properties' 937,000-square-foot mixed-use development being constructed at 7272 Wisconsin Ave. in downtown Bethesda, MD.

Fox, will shift approximately 200 employees to 7272 Wisconsin where the organization will build out 57,500 square feet of news studio, newsroom and office space. The media group expects to move into its new space in June 2021.

Washington, D.C.-based Carr Properties paid $105.5 million to the American Society of Health-System Pharmacists (ASHP) last May to acquire the former Apex Building with the intent to redevelop the 164,119-square-foot, four-story office building into a 9370,000-square-foot mixed-use complex to include office, residential and retail space. The office component is slated to break ground in the first quarter of 2018. By Bryce Meyers

Medifast Leases 51,000 SF at Legg Mason Tower for New Company Headquarters

Medifast will have a new corporate headquarters by year-end after the leading manufacturer and distributor of clinically proven healthy living products and programs finalized a deal to occupy 51,000 square feet at Legg Mason Tower in downtown Baltimore's Inner Harbor.

Medifast, which has operated in Baltimore City for nearly 40 years, will shift more than 160 employees from its current offices in Owings Mill, MD to the 17th and 18th floors within the 24-story, 613,006-square-foot Legg Mason Tower over the coming months. The company, which will keep its manufacturing facility and related staff in Owings Mill, expects to complete its move by the end of the year.

Legg Mason Tower was constructed in 2009 as part of the Harbor East development that includes the Four Seasons Hotel and Residences and a 1,150-car, five-story parking structure. The building serves as the global headquarters for Legg Mason, and also houses offices for OneMain Financial Group, Johns Hopkins and RSM McGladrey LLP, among others. By Jeanine Kaminski

WeWork Selects The Offices at Clearfork for First Fort Worth Location

WeWork, the rapidly expanding co-working and shared office provider headquartered out of New York City, has signed a lease for its first location in Fort Worth, TX.

The company will establish 44,000 square feet of co-working office space at 5049 Edwards Ranch Rd., a brand-new 80,891-square-foot, four-story office building completed this past January within the Offices at Clearfork in southwest Fort Worth. WeWork plans to move in January 2018.

Cannon Camp with JLL represented the landlord, Cassco Development, in negotiations. By Jeannie Reamer

State of California Leases 43,311 SF in Sacramento

The State of California leased 43,311 square feet of space at 2251 Harvard St. in Sacramento, CA.

Known as Building 2, the property at 2251 Harvard St. delivered in 1988 as part of the Harvard Park Corporate Center in Sacramento's Point West area. The government agency is expected to move in during the first quarter of 2018.

Tom Heacox and Kirk Lange of Newmark Cornish & Carey represented the landlord, Basin Street Properties, in this new deal. By Felicia Weinstein

BCG Finalizes 40,000-SF Deal at 100 Peachtree for Site of New Business Services Center

The Boston Consulting Group (BCG) has selected 100 Peachtree in downtown Atlanta for the site of its new business services center.

The global management consulting firm disclosed back in June it had selected Atlanta for the future site of a new office - its third in the city - which would create more than 200 additional jobs in Atlanta with the potential to spawn more than 500 jobs over the company's lease term. After conducting a citywide search, BCG would settle on 100 Peachtree, noting its central location and access to a diverse workforce.

Scott DeMyer, C. Deming Fish and Reeves Henritze of Colliers International, in collaboration with in-house representatives Mark Vollbrecht and David R.B. Anderson, handled negotiations on behalf of Zeller Realty Group, while Phil and Hilton Barry of Avison Young brokered the lease for BCG. By Brian Martin

Zoom Communications Takes 30,502 SF in Denver

Zoom Communications, a remote conferencing services provider headquartered in San Jose, has signed a 30,502-square foot lease at 7601 Technology Way in Denver.

The seven-story, 203,492-square-foot office building was constructed in 1999 in the Denver Tech Center. Zoom will occupy the third floor, joining Jackson National Life Insurance in the building.

Lee Diamond of CBRE represented the tenant, while Douglas Wulf and Dan Miller of Cushman & Wakefield represented the landlord. By Raul Lozoya

Duff & Phelps Leases 28,000 SF in Morristown

Duff & Phelps, an independent advisor, signed a 10-year office lease for 27,922 square feet in the Headquarters Plaza East Tower office building at 2 Speedwell Ave. in Morristown, NJ.

The 12-story building totals 181,500 square feet and was constructed in 1982.

Richard Mirliss of Colliers International represented the tenant. Robert Donnelly, Jr. and Ben Breneer of Cushman & Wakefield represented the landlord. By Ladi Sanu

SL Green Signs Two Lease Amendments at Graybar Bldg

Prominent litigation defense firm Litchfield Cavo LLP has renewed its 18,275-square-foot lease and expanded into an additional 8,346 square feet in the Graybar Building at 420 Lexington Ave. in New York City, bringing its total occupancy there to 26,639 square feet through 2027.

In a separate deal, the Entertainment Software Association has extended its lease term through 2022 while relocating within the building to a 10,774-square-foot space.

Adam Weissleder led the in-house leasing team at SL Green in both transactions. Michael Burlant of Cushman & Wakefield represented Litchfield Cavo, and Michael Morris of Newmark Knight Frank represented Entertainment Software in lease negotiations. By Justin Sumner

Chicago Housing Authority to Set Up Shop in Big Red

The Chicago Housing Authority leased 26,179 square feet at 333 S. Wabash Ave. in downtown Chicago. The organization is expected to occupy its space in late 2019.

The governmental agency known for building communities throughout the Chicago area will occupy six full floors in the 1.2 million-square-foot, 45-story East Loop tower known as Big Red, which for the last 45 years has served as the headquarters of CNA Financial (NYSE: CNA).

Jon Cordell and William Rolander of Newmark Knight Frank represented the landlord in securing the deal. By Derek Babb

Textio Preleases 22,000 SF at Seattle's Madison Centre

Textio preleased 22,400 square feet of office space on the 23rd floor of the in-development Madison Centre office building at 505 Madison St. in Seattle, WA.

Scheduled for completion later this year, the 36-story, 764,000-square-foot office building is located in Seattle’s CBD submarket.

Oscar Oliveira and Damon McCartney of Broderick Group, Inc. represented the landlord. Brian Hayden of Flinn Ferguson Corporate RE represented Textio. By Elizabeth Davis

Industrious Leases 20,000 SF in Madison

Industrious, a co-working office space provider, signed a lease for 20,000 square feet in the office building at 25 W. Main St. in Madison, WI.

The eight-story building totals 198,000 square feet and was constructed in 1963. The office building is currently under renovation and expected to be completed by the end of this fall. Industrious will occupy the entire fifth floor, joining other tenants in the building include Old National Bank and Stroud Willink & Howard.

Chase Brieman and Gretchen Lins of CBRE represented Industrious. Mark Binkowski with Urban Land Interests represented the landlord in-house. By Stephanie Vega

Outerstuff Leases 16,000 SF in Clark

Outerstuff LTD, a designer and manufacturer of children’s sports apparel, signed a 10-year lease for 16,000 square feet in the office building located at 60 Walnut Ave. in Clark, NJ.

The four-story building totals 46,000 square feet. The property was delivered in 1986 and features conference facilities and a fitness center. With the newest deal, an expansion for Outerstuff within the building, the asset is now fully leased.

David Zimmel of Zimmel Associates represented the landlord, TAK Realty and Investment LLC. By Sahara Gross

Arizona Mining Signs 15,000-SF Lease in Tucson

Arizona Mining has leased 14,500 square feet at the Fort Lowell Professional Offices building located at 2210 E. Fort Lowell Rd. in Tucson, AZ.

The 14,500-square-foot single tenant office building was constructed in 2006 on a 40,000-square-foot lot in the Central Tucson submarket of Pima County.

Rick Kleiner of Cushman & Wakefield | Picor represented the landlord. Isaac Figueroa, also with Cushman & Wakefield | Picor, represented the tenant. By James Young

Sensiba San Filippo Renews Lease in San Jose's Metro Plaza

Accounting and business advisory firm Sensiba San Filippo has renewed its lease for 12,611 square feet on the fourth floor of 181 Metro Plaza, a 130,562-square-foot, seven-story office building located within the Metro Plaza office park in San Jose.

Dion Campisi and Mark Triska of Colliers International, along with Mike Copeland of Cushman & Wakefield, represented the tenant. Susan Gregory, Mike Rosendin and Sean Toomey of Colliers International represented the owner, Hudson Pacific Properties. By Nick Bell

Bio Haven Pharmaceuticals Leases 11,000 SF in New Haven

Bio Haven Pharmaceuticals, a clinical-stage biopharmaceutical company, signed a 10-year lease for 11,008 square feet in the office building at 215 Church St. in New Haven, CT.

Frank Micali of Netz USA LLC / Capitalize 360 Group LLC represented the landlord in-house. By Matthew Hamburger
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