The Lease Up (July 19-25): ImClone to Anchor Alexandria Center
A Weekly Column of Major Corporate Expansions, Relocations and Lease Extensions
July 22, 2009
In this week's issue:
ImClone signs on to anchor the Alexandria Center
MEDC and MEGA help create or retain 14,900 jobs in Michigan
The FDIC announces its move to the Empire State Building
Panavision consolidates in Burbank
The DoD leases 350,000 square feet in Virginia
Kimberly-Clark signs a huge deal in Seattle
Continental Tire leases 498,000 square feet in Southern California
Plus, we bring you news on: BNSF Railway, Bonar Group, Caldwell VanRiper, Carbonite, Clif Bar, Combined Group Insurance, Cornerstone Research, Devon Office Furniture, Genoptix, Gold Eagle, GreenLine Foods, Harris & Associates, Insurance Information Institute, Jerich USA, L-3 Communications, Leapfrog Services, Moss, New Enterprise Associates, PODS, Sensormatic Electronics, Stenograph, Thomas & Libowitz, Tiffany & Bosco, United Natural Foods, ValueClick and VidaCare.
ImClone to Anchor Alexandria Center
ImClone Systems has signed on to become the anchor tenant of the Alexandria Center for Science and Technology at East River Science Park.
Alexandria Real Estate signed ImClone to a 15-year, 91,000-square-foot deal, one of the Manhattan's largest relocation leases this year.
The biopharmaceutical company, which specializes in oncology care, plans to use the facility as its new research center. ImClone, a subsidiary of Eli Lilly & Co., is relocating from its headquarters of 25 years at 180 Varick St.
John S. Isaacs and Timothy Dempsey with CB Richard Ellis represented ImClone.
ImClone plans to take occupancy on floors 10 through 15 of Alexandria Center's first office tower, when it delivers next summer. The 16-story building at 400 - 404 First Ave. will total 310,000 square feet.
Located on Manhattan's East Side, the $700 million biological science complex will be comprised of more than 1.1 million square feet of research and development space when finished, and provide for about 2,000 bioscience related jobs.
The city of New York is contributing $13.4 million for the construction of the park, while the state is putting up $27 million. Additionally, the New York City Investment Fund is providing $15 million for the project. $2 million in Federal Funds have also been secured.
The complex is located with an Empire Zone, which allows ImClone and other tenants a number of tax incentives based on investment and job creation.
"New York City has always been at the forefront of scientific innovation, but the City never fully capitalized on its assets to create a thriving commercial bioscience industry and the jobs that come with it," said Mayor Michael Bloomberg, who held a press conference Wednesday to commemorate the event.
"For every job created in the innovation sector, 3.5 additional jobs are created in the overall economy," noted Governor David A. Paterson. "We are providing an economic boost by invigorating New York’s biotechnology industry. Through the collaborative efforts of the state and city we are not only saving invaluable jobs but helping ensure that ImClone continues its important mission of developing treatments for cancer patients."
Eli Lilly & Co. acquired ImClone in 2008 for $6.5 billion.
MEDC and MEGA Continue to Bring Companies to Michigan
The Michigan Economic Development Corp. (MEDC) said yesterday that its efforts are helping seven companies expand throughout Michigan. The seven projects, along with a brownfield redevelopment, are expected to create 6,372 new jobs, retain 8,586 jobs and generate about $349.5 million in new investment in Michigan.
The Michigan Economic Growth Authority (MEGA) approved multiple tax credits yesterday to ensure that Michigan would beat out competing states and countries for the projects.
"Our aggressive economic strategy - combined with our competitive business climate and outstanding workforce - continues to generate new corporate investment and new expansion projects in Michigan despite a national recession," said Governor Jennifer M. Granholm.
Quicken Loans, the largest online retail mortgage lender in the United States, plans to move its headquarters from Livonia to the 1 million-square-foot Compuware Building in downtown Detroit.
Planned for mid 2010, the $240 million relocation would consolidate Quicken Loans' executive, management, loan production, title production and administrative branches, creating 1,800 positions. MEDC estimates that increased economic activity produced by the project would create an additional 2,219 jobs. Additionally, approximately 4,967 jobs would be retained, both directly and indirectly.
Based on MEDC's recommendation, MEGA approved a state tax credit of $18.1 million over a 12-year period. Detroit also plans to provide additional incentives to bring the lender to the city.
Quicken Loans had initially intended to build a new headquarters in Detroit, slated for completion in 2012. However, the economic downturn made it impossible for the lender to obtain financing for the project.
Magna Seating is investing $18 million in a multi-product facility in Highland Park. The supplier of automotive seat mechanism plans to create 420 new positions, while an additional 994 jobs are expected to be created indirectly. MEGA approved a state tax credit of $4.5 million over seven years. The city of Highland Park also may provide a tax abatement valued at $1.5 million for Magna.
Ventra Ionia, producer plastics, metals and assemblies for the automotive industry, announced its intentions to acquire four former Meridian Automotive facilities in Ionia, Fowlerville and Kentwood. The $42 million investment would retain 934 direct jobs, while 2,192 jobs are expected to be retained indirectly. MEGA approved a $4.6 million tax credit for six years. All three cities are also expected to lend their support.
Continental Automotive Systems Holding US Inc. is planning a $26.9 million expansion into Auburn Hills, which would create 230 direct jobs. MEDC predicts an additional 322 jobs would be created indirectly. The automotive system branch of Continental AG would receive a 10-year, $14.1 million state tax credit to create new jobs, as well as a 10-year, $10.3 million tax credit to retain about 225 direct positions and 268 indirect jobs. Auburn Hills may also provide additional incentives.
Marine products supplier Attwood Corp. intends to relocate its MotorGuide manufacturing operations from Oklahoma to Lowell, where the company is headquartered. Attwood would invest $2 million in the project and receive a tax credit of more than $483,000 over seven years. The city of Lowell may also provide a 12-year abatement. The consolidation would create about 51 direct jobs, and 41 indirect jobs. Georgia, Oklahoma, Wisconsin and Mexico have all been competing for Attwood's business.
Molded Materials, a Michigan-based molded composite component manufacturer, plans to consolidate its Plymouth operations into a new facility in Saline. The $2.9 million investment would create 29 direct jobs, with approximately 40 jobs spawned indirectly. Molded Materials is receiving a tax credit of about $420,400 from MEGA, and would likely see a tax abatement from Saline.
AVL Powertrain Engineering has proposed a $2.6 million hybrid and alternative fuel development center facility in Ann Arbor. The project would create 40 positions directly with AVL and 36 indirect jobs. MEGA approved a credit of about $298,600. Ann Arbor may also provide an abatement.
Additionally, 150 new jobs are expected to be created from the redevelopment of the former Muskegon County Whitehall-Montague wastewater treatment plant. The project is estimated to generate about $13.3 million in new capital investment.
Since January, MEDC and MEGA have worked to create or retain more than 47,900 jobs in Michigan.
FDIC Moving HQ to Empire State Building
By Christina McKinnon
The Federal Deposit Insurance Corp. (FDIC) is moving its headquarters to the Empire State Building.
The government insurer signed a 10-year lease for 102,960 square feet in the iconic Manhattan office tower. The FDIC plans to relocate from 20 Exchange Place in the first quarter of 2010.
The 102-story, 2.8 million-square-foot skyscraper at 350 Fifth Ave. is the tallest building in Manhattan and one of its most famous structures. Built in 1931 in the Penn Plaza/Garment District, the Empire State Building is currently undergoing a major energy efficiency retrofit which aims to cut its energy consumption by 40 percent over the next four years.
Joel Wechsler, Michael Gottlieb, Howard Grufferman and Joe Harkins of Grubb & Ellis represented FDIC. Daniel Bodner, Stephen Eynon and Daniel Rodriguez-Sains represented the landlord, Peter Malkin.
Panavision Looking to Consolidate in Burbank, CA
By Randyl Drummer
TV and movie camera systems provider Panavision plans to consolidate its Woodland Hills and Hollywood locations into the largest camera rental facility serving the entertainment industry at a location in Burbank, CA.
Panavision is looking for property to accommodate the facility, which would house camera rental and crane rental operations, manufacturing and research and development, as well as corporate headquarters, the company said. The Woodland Hills offices now occupy 150,000 square feet and Hollywood's facility operates in 23,000 square feet. Both sites have expiring leases, allowing the company to combine Los Angeles-based operations into a new facility many of Panavision’s studio, television and commercial customers, said Margit Elo, president of U.S. operations, Panavision Inc.
"This facility will be a reflection of Panavision's reputation for excellence, innovation and quality. We expect to identify a site in 2009 and commence the relocation process."
Large-scale movies such as "Pirates of the Caribbean," "Transformers: Revenge of the Fallen," "Terminator Salvation," "Hannah Montana: The Movie," "The Dark Knight," and the upcoming "G.I. Joe" have obtained their camera packages from Panavision. Panavision's Los Angeles-based offices have also serviced hit television shows such as "24," "Desperate Housewives," "Two and a Half Men," "Brothers and Sisters," "Medium," "Numbers" and "The Mentalist."
"In today's economy, it just makes sense to combine our facilities," said Bill Bevins, president and CEO, Panavision Inc. "Our customers expect a certain level of service, and we will continue to provide that. We are excited about the opportunities this move will create for Panavision and our customers."
DoD Research Arm Leases 350,000 SF in Northern Virginia
By Andrew C. Burr
The research and development arm of the U.S. Dept. of Defense is moving to a 350,000-square-foot office being developed by The Shooshan Co. in Arlington, VA, officials from Arlington County said Tuesday.
The Defense Advanced Research Projects Agency, known as DARPA, will move just a few blocks from its Ballston office to the new building in 2012. Neil Levy, David Lipson and Rob Brunton of Studley negotiated the lease for the government.
"This is a big victory for the county and its workforce," U.S. Rep. Jim Moran of Virginia said in a statement announcing the deal. "Retaining DARPA in Arlington was a top priority for all involved."
DARPA, a $3 billion agency credited with developing the military’s stealth aircraft technology and components of the Internet, employs about 800 people at its headquarters on N. Fairfax Drive. It is currently developing a laser weapons defense system and an unmanned drone capable of flying uninterrupted for more than five years.
The new building, a sleek 13-story tower at 675 N. Randolph St., is being constructed to meet new DoD anti-terrorism guidelines. It is the first phase of Shooshan Co.’s Founder’s Square mixed-use development, which is planned at about 1.1 million square feet.
The project was designed by RTKL Associates and is being built on a brownfield site. Arlington County approved the development last summer.
The DARPA lease is one of the largest in the Washington, DC, market this year and illustrates the tremendous influence of the government on the region’s real estate dynamics. Federal agencies or big government contractors like Raytheon and Lockheed Martin account for nearly all of Washington’s top 10 leases in 2009.
AMB Signs Big Lease With Kimberly-Clark in Seattle
By Randyl Drummer
Industrial developer and owner AMB Property Corp. (NYSE: AMB) announced it has leased more than 516,000 square feet to health and hygiene products maker Kimberly-Clark at its East Valley Warehouse in Kent, WA.
Kimberly-Clark is scheduled to move into the facility at 22003 84th Ave. S. on Sept. 1. The Dallas-based company is consolidating its existing northwest regional distribution operations in Bellevue, WA, into the new facility. The new lease will backfill a space being vacated Aug. 31, maintaining the facility’s 100% occupancy, AMB says in a release. Financial details were not disclosed.
The transaction is the largest industrial lease of the year in the Seattle-Puget Sound market, according to CoStar data. It’s also the largest new lease for an industrial asset in the Kent Valley submarket in the last decade, said Mark Saturno, managing director for San Francisco-based AMB.
The warehouse is located between the Ports of Seattle and Tacoma with immediate freeway access to Interstate 5, State Route 167 and I-405. AMB's Seattle portfolio totaled more than 8.6 million square feet and was approximately 97% leased as of March 31, 2009.
Continental Tire Rolls into ProLogis Park Redlands
Continental Tire North America (CTNA) leased 498,000 square feet from ProLogis in Redlands, CA.
A subsidiary of Continental AG, one of the world's top automotive suppliers, CTNA plans to use the space to store and distribute tires to customers in the Inland Empire area.
The newly built 600,000-square-foot distribution facility is part of ProLogis Park Redlands. The seven-building business park totals more than 3 million square feet.
"Due to its proximity to Interstates 10, 210 and 215 and access to the San Bernardino International Airport, this park has been a popular choice with our customers," said Pat Cavanagh, senior vice president and market officer at ProLogis. He added that CTNA's lease brings the park to 88 percent occupancy.
ProLogis owns and manages more than 45 million square feet of industrial space in Southern California.
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Expansions, Relocations & Extensions
BNSF Railway leased 30,460 square feet of flex space at 8300-8320 Nieman Road in Lenexa, KS. The flex building totals 43,275 square feet in the Brookhollow Office Park and was built in 1976. Lawrence Glaze of Jones Lang LaSalle represented the tenant. Bob Galamba of Grubb & Ellis|The Winbury Group represented the landlord, Great Plains Developments LLC. (By: Raven Shaneybrook)
Bonar Group, an engineering, planning and surveying firm, signed a 12,215-square-foot lease at 1502 Magnavox Way in Fort Wayne, IN. The two-story, 21,000-square-foot office building was built in 1975 in the South Fort Wayne submarket. Karl Behrens of BND Commercial represented Bonar Group in the deal. Tim Rietdorf of Murphy & Associates represented the landlord. (By: Jean Bradley)
Caldwell VanRiper subleased 12,527 square feet at the Chase Tower in Indianapolis. The advertising, marketing and public relations company will take up three quarters of the space on the 41st floor starting in November. The 48-story, 1 million-square-foot office tower at 111 Monument Circle is the tallest building in Indiana. Jeff Harris of Meridian Real Estate represented Caldwell VanRiper in the deal. John Vandenbark and Dan Richardson of CB Richard Ellis represented the original leaseholder, Bose McKinney & Evans LLP. (By: Carlin Cook)
Carbonite Inc. signed a lease for 16,000 square feet at 177 Huntington Ave. in Boston with building owner The First Church of Christ, Scientist. The tenant is a computer backup service founded in 2005. Carbonite will begin occupancy of the 14th and 15th floors in October. The 26-story property totals 205,000 square feet of office space in the Back Bay submarket. J. Duncan Gratton and Lauria Brennan of FHO Partners’ Asset Advisory Group represented the owner. Gil Dailey of Cushman & Wakefield represented the tenant. (By: Angela Scott)
Clif Bar & Co. signed a 15-year lease at the EmeryTech Centre for 115,000 square feet. The health food company's headquarters will relocate from Berkeley, CA, to 1400 65th St. in Emeryville. Clif Bar plans to move into the space late this year or early next year. The 220,000-square-foot office building boasts a redundant data center. Mike Raffetto, Sid Ewing and Grant Jones of CB Richard Ellis represented the landlord, Ellis Partners LLC. Jim McPhee of Cushman & Wakefield Inc. represented the tenant. (By: Melanie Tucker)
Combined Group Insurance signed an 18,169-square-foot office lease at Signature Plaza II at 14785 Preston Road in Dallas, TX. Signature Place II is a Class A building in the Quorum/ East Tree submarket. It has 11 floors that make up 288,200 square feet. Mike Pierre and Stephanie Richardson of GVA Cawley represented the landlord, Colonial Properties Services Inc. Paula Osborn and J.R. Tomlinson of Jackson & Cooksey represented the tenant. (By: Edward Kennedy)
Cornerstone Research, a company that provides attorneys with analytical support in commercial litigation and regulatory proceedings, signed a 34,891-square-foot lease at 599 Lexington Ave. in Manhattan. Cornerstone renewed its lease on the 42nd to 44th floors of the office tower and expanded to occupy a portion of the 41st floor. The 47-story, 1 million-square-foot skyscraper was built in 1984 in the Plaza District. David Berkey of L&L Holding Co. represented Cornerstone. Property owner Boston Properties received in-house representation from Andrew Levin. (By: Michelle Waiters)
Devon Office Furniture, a global office furniture manufacturer and distributor, signed a two-year lease to fully occupy the 80,000-square-foot industrial facility at 104 Zoar Road in Chesterfield, SC. Wendell Long of Diversified Equipment & Supply represented both the landlord, Joye Brent, and tenant. (By: Victoria Cottman)
Genoptix Inc., a biopharmaceutical services firm, signed a six-year lease at Carlsbad Research Center. The deal is valued in excess of $3 million. Genoptix leased the 44,000-square-foot building at 2131 Faraday Ave. The two-story property was constructed in 1987 and was formerly a multitenant building. Lannie Allee and Roger Carlson of CB Richard Ellis represented the landlord, Reynolds Family Trust. The Blackmore Co. represented Genoptix. (By: Steven Ferreira)
Gold Eagle Co. signed a long-term lease for 166,800 square feet in one of the largest industrial deals in Chicago this year. The auto parts manufacturer is scheduled to move into Building I of Crawford Industrial Park in November. Built in 1968, Building I at 4404 W. Ann Lurie Place measures 310,875 square feet. Lawrence Much, Steve Connolly and Irv Malilk of NAI Hiffman represented the landlord, KTR Partners LP. Steve Goode of Venture 1 and Sally Machoiz from Cushman and Wakefield represented Gold Eagle. (By: Emery Uwimana)
GreenLine Foods Inc. signed a five-year, 64,030-square-foot industrial lease at 4280 Stacks Road in College Park, GA. The 64,030-square-foot warehouse building was built in 1987 and is in the Airport/North Clayton Industrial submarket. Art Murray of Lavista Associates represented GreenLine. Sean Boswell and Chris Cummings of Colliers Spectrum Cauble represented the landlord, Howell's Motor Freight Inc. (By: Jeremy Adams)
Harris & Associates, an engineering and construction management firm, signed a 45,000-square-foot deal to move its headquarters to the Metroplex Office Centre at 1401 Willow Pass Road in Concord, CA. The lease term is 11 years. Two large tenants, Wells Fargo Home Mortgage and Fremont Investment & Loan, had moved out of the Metroplex project. Peggy Roth, a solo broker, represented the tenant. (By: Marlene Young)
Insurance Information Institute (I.I.I.), a provider of definitive insurance information, signed a 16,500-square-foot renewal at 110 William St. in New York. The 32-story, 868,000-square-foot office building was built in 1958 in the Insurance District. Todd Korren of Swig Equities LLC represented the landlord, in-house. There were no tenant brokers. (By: Kevin Bryant)
Jerich USA signed a 106,436-square-foot lease at 6047 Fulton Industrial Blvd. in Atlanta. The 213,653-square-foot industrial distribution building was built in 1987 and is in the Fulton District Industrial submarket. Ackerman & Co. purchased the two buildings at Gateway Industrial in January for $6 million. At the time, the properties were half leased. After signing Jerich the properties are now 75 percent occupied. The UGL Equis team of Bob Kontur, Dirk Hrobsky and Chris Helgesen represented Jerich. Kate Sharp and Mike Martin represented Ackerman. (By: Jeremy Adams)
L-3 Communications Corp. leased 59,865 square feet at 3724 W. Vancouver St. in Broken Arrow, OK. The industrial building is under construction and scheduled to deliver in October. L-3 Communications will fully occupy the property. Jamie Hill and David Glasgow with CB Richard Ellis/Oklahoma handled the negotiations. (By: Larry White)
Leapfrog Services signed a 23,622-square-foot lease at 1190 W. Druid Hills Drive in Atlanta. The four-story, 80,249-square-foot office building was built in 1982 and is in the Chamblee/Doraville/North Druid Hills submarket. Move-in is planned for September of this year. The Cushman and Wakefield team of John O’Neill and Allison Bittel represented Leapfrog, a software company. Wes Hardy was the in-house representative for the landlord, Duke Realty Corp. (By: Luke Woodruff)
Moss Inc. leased 105,000 square feet of industrial space in Elk Grove Village, IL, from Mirvac Industrial Trust for 10 years. The manufacturer of tensioned fabric solutions has set a tentative move-in date of August 1. The space is at 2600 Elmhurst Road in the O'Hare Industrial submarket. The one-story building was completed in 1995 and totals 105,000 square feet. Moss made the move in an effort to consolidate multiple Chicago locations. Chris Nelson and Jeff Galante of Lee & Associates represented Mirvac. Marat Safir of Taurus Realty Partners represented Moss. (By: Jason Spring)
New Enterprise Associates signed a 10-year lease for 15,200 square feet at 1954 Greenspring Drive in Timonium, MD. NEA will move from its Charles Street location in Mt. Vernon on January 1, 2010. Timonium Two, a seven-story, 203,505-square-foot office building in Timonium Business Park was built in 2000 and is in the Route 83 Corridor South submarket. This was a direct deal between the tenant and Louis Boeri, Patrick Franklin and Whit Levering of Merritt Properties LLC, the landlord. (By: Daniella Taylor)
Portable On Demand Storage (PODS) leased 118,820 square feet of industrial space at 21001 Cabot Blvd. in Hayward, CA. The tenant signed for five years and will begin a phased move in starting this month. The total value of the lease was nearly $5.28 million. The 248,860-square-foot facility was built in 1972. Joseph Fabian, Michael Spiro, Jay Leslie and Thomas Towne of Cornish & Carey Commercial - ONCOR represented the landlord, RREEF America. Doug Norton, Michael Walker, Brent Woodruff and Conor Famulener of CB Richard Ellis represented the tenant. (By: Aaron Turkeltaub)
Portable On Demand Storage (PODS) signed a 60,087-square-foot lease for 10 years with Duke Realty Corp. in Building VIII of the Crossroads Business Park. The 233,700-square-foot distribution building at 601 Gills Drive was built in 2007 in the Southeast Orange County Industrial submarket. Tim Perry represented Duke Realty and PODS. (By: Stephen Martin)
Sensormatic Electronics Corp., a division of Tyco International, is moving its Atlanta operations. IDI signed the security and fire safety products provider to a five-year, 171,779-square-foot lease at WestPoint at Riverside in Lithia Springs, GA. Relocating from a nearby facility, Sensormatic plans to move into 2600 West Point Drive in October. The 288,860-square-foot distribution building delivered in 2007 and is Building B of WestPoint at Riverside industrial park. Henry Johnson, Tony Kepano and Peter Seward of CB Richard Ellis represented Sensormatic.
Stenograph LLC, a shorthand writing machine manufacturer, fully leased the industrial facility at 596 Lamont Road at the Greenpoint Business Park in Elmhurst, IL. The 41,356-square-foot building includes 21,000 square feet of office space. Move-in is scheduled for November. The tenant is relocating from 1500 Bishop Court, a 75,000-square-foot Kensington Business Center facility in Mount Prospect. John Gearen of Nicolson Porter & List represented the landlord, UBS Realty Advisors. No broker was mentioned for Stenograph. (By: Laurie Forbes)
Thomas & Libowitz recommitted to stay in the Legg Mason building in Baltimore for an additional seven years. The local law firm will remain in the building, as the largest tenant, Legg Mason, that occupies 250,000 square feet, will be vacating. The 35-story office building at 100 Light St. totals 530,000 square feet and was built in 1973. The building owners, Winthrop Realty Trust and Lexington Realty Trust, are investing approximately $40 million in the skyscraper. Half of that investment went to a $20 million parking garage that was constructed across the street. David Downey of Colliers Pinkard represented the tenant, and John Schulze and Matthew Seward of Colliers Pinkard represented the landlord. (By: Christine Dorr)
Tiffany & Bosco P.A. expanded into 24,214-square-feet of office space in Phase II of the Squaw Peak Corporate Center in Phoenix. The law firm was already residing in the Phase I. Located in the Piestewa Peak Corridor, the business park totals approximately 287,394 rentable square feet. Tiffany & Bosco has provided legal services in Phoenix since 1967 and for the next eight years will use the Squaw Peak Corporate Center space to combine its national default and financial services, REO closing services and loan servicing groups. Jerry Noble, Pat Devine and Greg Mayer of CB Richard Ellis represented the landlord, Parkway Properties Inc. Don Rodie of Cushman & Wakefield represented the tenant. (By: Emily Baker)
United Natural Foods Inc., a national distributor of natural & organic foods, extended and expanded its lease at 2530 B St. NW in Auburn, WA. The company has occupied 204,804 square feet since August 1998. It is expanding to 358,932 square feet to fully occupy the facility when McKesson Corp. vacates its space. The property delivered in 1999 and is in the Valley Centre Corporate Park. Scott Carter of Pacific Real Estate Partners in Bellevue represented the landlord, Principal Real Estate Investors. Mike Chambers, Jack Haden, Bob Burdell and Bradley Pope of NAI Brannen Goddard in Atlanta represented the tenant. (By: Giulio Crivello Guidi)
ValueClick, Inc., an international online marketing/advertising firm, signed a lease to stay at its current Westlake Village, CA, location at 30699 Russell Ranch Road. The company renewed for approximately 35,056 square feet of office space for an additional seven years. Constructed in 2000, the office building is near the Four Seasons Hotel & Spa and Westlake Village Marketplace. The building was awarded an Energy Star label last year for its operating efficiency. Jim Lindvall of Jones Lang LaSalle handled negotiations for the landlord, TIAA-CREF, and Carlo Brignardello of CresaPartners represented the tenant. (By: Melissa Sicola)
VidaCare Corp. leased 16,932 square feet in Building 1 of the new Lockhill Selma building park in Shavano Park, TX. The medical device company will occupy the space in October for its headquarters. The lease is the first to be signed in the office building, which delivered late last year at 4350 Lockhill Selma. It totals 116,000 square feet in three stories. Jason Schnittger and Jason Adkison of Stream Realty Partners LP San Antonio represented the landlord. John Worthen and Carlton R. Williams, Jr. represented the tenant. (By: Samantha Mrozinski)