Weekly Wrap-Up of Largest Reported Office Leases Include: iCIMS, Bloomberg, Scotiabank, Samsung Electronics, State of Tennessee and more
When iCIMS relocates its corporate headquarters from Matawan, NJ early next year, it expects to bring 550 jobs to the area while retaining future expansion rights on its lease.
Jeff Garibaldi, Tara Keating Freeman and Kyle Mahoney with The Garibaldi Group represented Somerset Development in the leases as Bell Works’ exclusive office leasing agency. The CBRE team of Joseph Sarno Jr., Jeremy Neuer and Matthew Wassel represented iCIMS.
Originally constructed in 1964 by modernist architect Eero Saarinen, the building previously housed the research headquarters for Bell Laboratories, Lucent, Alcatel-Lucent, a total of seven Nobel Prize winners who conceived theories for the laser, the Big Bang theory, cellular technology, the transistor, and more. Situated along Crawfords Corner Road, Bell Works is approximately one mile from Exit 114 off the Garden State Parkway. By Justin Sumner
SL Green Signs Renewal Leases With Bloomberg and Omnicom at Two NYC Towers
SL Green Realty Corp. (NYSE: SLG), New York City’s most prolific office landlord, has signed two new renewal leases across its Midtown Manhattan portfolio, expanding Bloomberg LP into 458,998 square feet at 919 Third Ave. and re-upping Omnicom Group’s commitment to 231,114 square feet at 220 E. 42nd St. in New York, NY.
Bloomberg, a leading business and financial information network, will occupy the fifth through ninth floors and part of the 11th floor through February 2029 under a new lease that will see the tenant expand into an additional 204,442 square feet there.
Built in 1970, the 47-story, 1.41 million-square-foot, steel office building sits on 1.7 block-through acres in the Plaza District submarket, between 55th and 56th Streets. Other tenants there include Jenner & Block, Schulte Roth & Zabel LLP, Debevoise & Plimpton LLP and Bloomingdale’s department store.
Omnicom, the global marketing and corporate communications holding company, has signed a renewal lease covering 64,111 square feet at the News Building in a 15-year deal for the ninth floor space that it will add to its renewal of 167,003 square feet signed earlier this year.
Built in 1929, the 37-story, 1.14 million-square-foot concrete office building sits on 1.6 acres in the Grand Central submarket, between Second and Third Avenues and just two blocks from Grand Central Terminal. Other tenants there include WPIX TV, Tribune Company, Jones Day, The United Nations and Martin Clearwater & Bell.
SL Green handled both lease negotiations in-house. Craig Reicher, Howard Fiddle, Chris Mansfield and Chris Corrinet of CBRE represented Bloomberg. Lee Feld of Feld Real Estate LLC represented Omnicom. By Daniel Hausman
Scotiabank Commits to 140,000 SF in Brookfield Place Calgary
Scotiabank, a multinational financial services firm and the third-largest bank based in Canada, agreed to lease 140,000 square feet in Brookfield Place Calgary, the massive, 56-story, 1.4 million-square-foot office tower being developed by Brookfield Canada Office Properties in downtown Calgary, AB. The bank will occupy the 15th through 19th floors in the building, which will be the tallest in western Canada when it is completed late next year.
Brookfield said the bank’s new lease commitment brings the development to 81% pre-leased. Oil sands producer Cenovus Energy has committed to take one million square feet in the tower as the anchor tenant.
Located at 225 6th Ave. SW, Brookfield Place Calgary encompasses a full downtown block bounded by 1st and 2nd Streets SW and 6th and 7th Avenues SW and the project includes plans for a second 1 million-square-foot west tower.
Colliers International represented Scotiabank in its space search and lease negotiations. Brookfield Office Properties Management is representing the building owner.
Competition for office tenants has been fierce in Calgary, a major North American energy market that has been hit hard by the plunge in oil prices. By Elizabeth Gosselin
Samsung Electronics to Relocate, Expand R&D Division in Austin
Samsung has disclosed plans to relocate and expand its research and development team in Austin, TX.
The division, which works on technology for mobile devices and chip design, will move from its North Austin location at 7300 FM 2222 in the Ladera Bend office park to 101,596 square feet at 3900 North Capital of Texas Highway (also addressed 3900 San Clemente) in Northwest Austin.
The 250,000-square-foot, Class A office building delivered in 2008 and features structured parking, a workout facility, balconies with scenic views and three passenger elevators. HPI Real Estate Services & Investments developed, owns and manages the property.
Troy Holme of CBRE represented Samsung in negotiations, while Richard Paddock and JD Lewis represented the landlord in-house. By Riley Sullivan
State of Tennessee Leases 95,000 SF in Nashville
The State of Tennessee renewed its lease at the Heritage Place office building, expanding into a total of 95,334 square feet on all five floors to occupy all the remaining vacant space in the property.
Located at 227 French Landing Dr. in Nashville, TN, the 110,000-square-foot property features floor-to-ceiling windows throughout, mahogany and brass finishes, and eight corner offices per floor. Originally constructed on 4.9 acres in the 1980’s, the property was fully renovated in 2005.
Donna West of MAC Partners LLC / Heritage Place Partners LLC represented the landlord on the deal. By Jad Malaeb
M.C. Dean to Shift HQ to Greensboro Station in The Meridian Group’s The Boro Development
M.C. Dean, an electrical design-build and systems integration firm with 3,000 employees worldwide, has agreed to an 85,807-square-foot lease within the three-building, 630-square-foot Greensboro Station in Tysons, VA where the company will establish its new headquarters.
M.C. Dean will shift its head offices from 22980 Indian Creek Dr. in Dulles to the top two floors, the second floor and a portion of the first floor at 1765 Greensboro Station Place, a 315,858-square-foot, 15-story office building completed in 1980 and last renovated in 2014.
The building and interconnected Greensboro Station is part of the larger The Boro development, The Meridian Group’s ambitious 4.2 million-square-foot mixed-use project that upon full build-out will feature more than 1.8 million square feet of space, 316,000 square feet of retail space, 1,500 residential units and 250,000 square feet of hospitality space. Construction on the project is scheduled to commence this summer.
M.C. Dean is the third company to relocate its headquarters to The Boro and its second in recent weeks following news that American publicly traded broadcast and digital media company TEGNA agreed to a prelease for 60,000 square feet at the 438,169-square-foot, 20-story Boro Tower development slated to break ground later this summer at 8350 Broad St.
Terry Reiley and Dan Grimes of CBRE handled negotiations on behalf of The Meridian Group, while Erik McLaughlin, Malcolm Schweiker and John Redeker, also of CBRE, represented M.C. Dean.By Temitope Berry
Centor Commits to Chicago Area With 62,000+ SF HQ Lease
Centor North America, the manufacturing company behind the first integrated door, signed a lease to relocate its headquarters this October from Batavia, IL to 62,831 square feet in the I-88 corridor at 966 Corporate Blvd. in Aurora, IL.
Panattoni completed construction last October on the 238,604-square-foot warehouse facility, which can better accommodate Centor’s expanding business while keeping the company central to its existing employee base.
Currently home to RAB Lighting, the multi-tenant facility is LEED certified and features 32-foot ceiling heights, seven exterior docks, one drive-in door and 41 trailer stalls. As part of the transaction, Centor secured tenant improvement funds that will allow the company to build-out its space, which will be equipped with a showroom and corporate offices.
Tak O’Haru of White Cube, in collaboration with in-house rep Jeffrey Fischer, brokered the transaction on behalf of the landlord, NAI Hiffman. Michael Marconi, Joe Karmin and Justin Lerner of Transwestern represented the tenant. By Eric Mitchell
Fidelis Cybersecurity Leases 33,072 SF of Class A Space in Bethesda
Fidelis Cybersecurity signed a 10-year lease for 33,072 square feet in the Class A office building at 4500 East West Hwy. in Bethesda, MD.
Building owner Carr Properties delivered the nine-story, 228,370-square-foot building in 2014 just off the Wisconsin Ave. thoroughfare and two blocks from the Bethesda Metro station within the Bethesda/Chevy Chase submarket.
Certified LEED Platinum, the complex includes more than 13,000 square feet of grade-level retail space, four levels of below-grade parking, a 4,500-square-foot rooftop terrace, a 4,800-square-foot public plaza a 2,600-square-foot fitness center and a 1,900-square-foot conference center.
Fidelis Cybersecurity’s lease includes the entire fourth floor and 5,184 square feet on the fifth floor. Other tenants in the building include Rapid Advance, Teaching Strategies, and Serendipity Labs.
Transwestern’s Phillip McCarthy, Jovi McAndrew and Keith Foery represented the landlord in the direct deal. By Catherine May
Bay Design Shifting HQ to Western Business Center
Bay Design has agreed to a 24,000-square-foot lease at the Western Business Center at 1325 Western Ave. in Baltimore where the custom designer, manufacturer and integrator of automation, ergonomic and material handling equipment will establish its corporate headquarters.
Bay Design was forced to relocate after ownership changed hands at its currently facility. The company’s new location is a 185,600-square-foot industrial warehouse completed in 1986 on 9.1 acres within the Baltimore SW Industrial submarket.
Toby Mink and Michael Roden of CBRE handled negotiations on behalf of the landlord, DCT Industrial, while Alan Orman of Cushman & Wakefield represented Bay Design. By Bryce Meyers
BNIM Leases 20,000 SF in Crown Center for New HQ
BNIM agreed to a five-year lease that will see the architecture and design firm relocate its corporate headquarters from 1735 Baltimore Ave. to 20,000 square feet within the Crown Center in Kansas City, MO.
BNIM has been headquartered on Baltimore Ave. since November 2014. After abandoning plans to redevelop 1640 Baltimore Ave. back in February, the company began its search for a new HQ location, ultimately deciding on 2460 Pershing Rd.
Completed in 1970, the seven-story, 120,000-square-foot office building is situated within Crown Center, a mixed-use development that features two million square feet of office space, 1,454 hotel rooms, shops, restaurants, attractions and 235 residential units.
BNIM is expected to move to its new location by year-end 2016. Representatives with JLL handled negotiations on behalf of BNIM, while Ross Simpson of Colliers International, in collaboration with in-house rep Greg Russell, brokered the transaction on behalf of the owner, Crown Center Redevelopment Corp. By Hilary Tibbens
LearnVest Expands into 40,000 SF at Greenwich Office Bldg
LearnVest, a subsidiary of NorthWest Mutual Insurance, signed a new 10-year lease for an additional 20,000 square feet in the office building at 41 E. 11th St. in New York City.
The 11-story office building totals 220,000 square feet in Greenwich Village. Built in 1906, the property is owned and managed by Thomas F. Campenni Co.
LearnVest’s lease includes the entire third floor, which expands upon their existing lease for the entire 20,000-square-foot second floor. Other tenants in the building include TechSpace and CGP Enterprises.
Thomas Campenni Sr. and Thomas Campenni Jr. handled direct lease negotiations in-house. By Joseph Miles Barkley
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