Office Lease Up (June 29) NVIDIA Agrees To New 500,000-SF Build-To-Suit HQs

Last Week's Largest Leases Signed Include: 3M, BNY Mellon, Bristol-Myers Squibb, Dun Bradstreet,Everbridge, Genocea, Law360, Udemy, Walton Isaacson and many more

NVIDIA Corp. has arranged to occupy 500,000 square feet of to-be-constructed office space for itsnew corporate headquarters.

The building will be across the street from its current Santa Clara, California, headquarters at 2701San Tomas Expressway.

NVIDIA Land Development LLC, a wholly owned consolidated subsidiary of NVIDIA Corp., WachoviaService Corp., Wells Fargo Bank, and a syndicate of other institutions entered into a participationAgreement, ground lease and real property lease for the construction and lease of a new 500,000square foot, two story corporate headquarters office building.

The lease is a triple-net lease and has a seven and one-half year term expiring on Dec. 19, 2022.Construction will take two and one-half years followed by a five year lease term. NVIDIA has theoption to renew for three additional five year periods.

The initial commitment to fund costs of construction is up to $380 million.

By Mark Heschmeyer

Bristol-Myers Squibb To Anchor New 431,000-SF Development

Alexandria Real Estate Equities signed global pharmaceutical company Bristol-Myers Squibb(NYSE:BMY) to anchor its newest ground-up development within Alexandria Center at KendallSquare in Cambridge, MA.

Headquartered in New York City, Bristol-Myers Squibb signed a 15-year lease to occupy 208,000square feet at 100 Binney St. where the company plans to establish a new research and developmentcenter. The new location provides a mission critical component and will allow Bristol-Myers Squibbto draw talent from Cambridge and its world class life science community.

ARE will begin construction next month on the 431,500-square-foot, 10-story office and laboratoryfacility. Once completed, the new building will feature underground parking garages with car-shareservices, on-site covered bike parking, and access to the Green and Red Lines, MBTA stops, andEZRide shuttle service.

A Pasadena, CA-based REIT that specializes in collaborative science campuses, ARE owns andoperates 5.2 million square feet in Greater Boston and is the architect of Alexandria Center atKendall Square, an 11-acre, 1.6 million-square-foot urban campus in Boston's E Cambridge/KendallSquare submarket.

Gregory Lucas, Curtis Cole and Adam Brinch of CBRE-New England facilitated the transaction onbehalf of Alexandria Real Estate Equities.

Construction on 100 Binney St. is slated to wrap up Q4 2017.

By Jeannie Reamer

Dun Bradstreet Renews 178,000-SF Lease in Center Valley

Dun Bradstreet, a provider of business services information, signed a 12-year lease renewal for178,330 square feet at the Stabler Corporate Center at 3501 Corporate Pkwy. in Center Valley, PA.

The three-story building totals 178,330 square feet in the Stabler Office Park and was delivered in2006. It is owned by City Office REIT Inc., which bought the building back in 2013 from GECommercial Finance Business Property Corp.

City Office REIT Inc. negotiated the lease in-house directly with the tenant.

By David Egbert

IHI EC Inks 158,000-SF Lease at West Memorial Place II

Skanska USA Commercial Development secured its first tenant at Phase II of the West MemorialPlace project in Houston, signing IHI EC, an engineering, procurement and construction companyand wholly-owned subsidiary of Tokyo-based IHI Corp., to a 158,050-square-foot lease.

West Memorial Place Phase II is at 15377 Memorial Dr. in Houston's Katy Freeway West submarket.The building is currently under construction and is slated for completion in May 2016. Oncecompleted, the Class A building will be 14 stories tall and measure 389,709 square feet.

Skanska broke ground on Phase II in December 2014, two months prior to finishing construction onWest Memorial Place I at 15375 Memorial Dr. Phase II marks the third commercial development inHouston for Skanska and will complete the West Memorial Place campus.

Designed by HOK to LEED Platinum specifications, West Memorial Place II will feature floor-t--ceiling glass, a fitness center with lockers and showers and an on-site cafe, as well as convenientaccess to I-10.

IHI EC, which currently leases office space in nearby Eldridge Oaks, will relocate to a portion of thethird floor and all of floors four through eight beginning January 2017.

"IHI EC has grown significantly in recent years and expanded its Houston presence," said GlynRodgers, IHI EC president. "This dynamic, energy-efficient new space and prominent location onMemorial Drive will give our growing company flexibility for growth and superb visibility. Itslocation adjacent to green space and Terry Hershey Park and its world-class features reflect ourcommitment to our employees."

The Skanska Commercial team represented the landlord, while Mark O'Donnell of Savills Studleyrepresented the tenant.

By Shavon Shockley

Clinical Health Care of NJ Completes 150,000-SF Long Term Lease

Clinical Health Care Associates of New Jersey PC, a subsidiary of Clinical Practices of the Universityof Pennsylvania, has signed a long-term, full-building lease at 1865 Marlton Pike in Cherry Hill, NJ.

The two-story, 150,000-square-foot building sits on 12 acres in the South Camden County submarketof Philadelphia, on Route 70 E near I-295.

Off-price retail clothing chain Syms Corp. previously occupied the building, utilizing it as retail andshowroom space until the company ceased operations in 2012. The property has been vacant sincethat time.

Finmarc Management Inc. acquired the asset in September 2013 for $4.75 million, significantlybelow replacement cost and funded in-part with proceeds from the earlier sale of its Shoppes ofBurnt Mills in Silver Spring, MD, according to CoStar data.

"The Cherry Hill and South New Jersey / Philadelphia marketplaces are extremely attractive to us, aswe recognize the tremendous opportunities that exist, as supported by a healthy and growingeconomic environment," explained Neil S. Markus, principal of Finmarc Management. "It is amongthe key areas we have targeted to expand our five million square foot portfolio outside of the greaterWashington D.C. metropolitan area."

Finmarc and the tenant plan to invest more than $50 million in capital improvements to the buildingin the hopes of transforming it into a premier medical office facility in South Jersey. Plans includethe installation of a new roof, new HVAC and electrical systems, full-building build out, necessarysite work, a new structured garage and repaving of the existing parking lot, renovations to thebuilding facade, and the addition of new windows as well as upgrading all interior and exteriorlighting.

Fred Berlinsky with Markeim Chalmers represented the landlord in lease negotiations. ThomasHummel and Dean Geis with NAI Geis Realty Group Inc. represented Clinical Health CareAssociates.

By Justin Sumner

Community Health Plan Leases 92,000 SF in Downtown Seattle

Community Health Plan of Washington has leased 91,816 square feet on six lower floors of the 1111Third Avenue Building at 1111 3rd Ave. in Seattle.

The local non-profit health plan will relocate from its current location at the 8th Olive Building inlate 2016 when its new lease commences.

The 34-story, 631,040-square-foot office tower was built in 1980 on the southwest corner of 3rd Ave.and Seneca St. in downtown Seattle's CBD submarket. It is LEED Silver-certified and Energy Star-rated for its operating efficiency.

The property features a six-level underground garage, atrium, conferencing facilities, 12-foot slabheights, access to public transit, views of Elliott Bay and the Olympic Mountains, and proximity tonumerous retail and dining options.

Ivanhoé Cambridge Inc., the real estate subsidiary of Canadian fund manager Caisse de dépôt etplacement du Québec, and Callahan Capital Properties, a real estate private equity firm focused onoffice product in major U.S. central business districts, acquired the property as part of a portfoliosale that also included the Second Spring Bldg at 1100 2nd Ave. for an aggregate $280 million inNovember 2014, according to CoStar data.

Larry Almeleh and Pat Pendergast of Washington Partners represented the tenant in leasenegotiations. Lisa Stewart and Jim Allison of Urbis Partners represented building ownership.

By Justin Sumner

Primetals Signs for New Offices Space in Pittsburgh

Primetals Technologies, a joint venture between Mitsubishi-Hitachi Metals Machinery and SiemensVAI Metals Technologies, executed a 10 year 52,000-square-foot lease at Stealth II at 501Technology Drive in Southpointe, PA.

"Having acquired this institutional quality asset in September of 2012 we are very pleased with thetenant demand in this robust submarket. The exploration of the Marcellus Shale coupled withPennsylvania's natural-gas drilling boom, has enabled us to also execute 25,000-square-foot and10,000-square-foot lease deals with other prominent tenants " said Charles Russo, Asset Manager forLaurus Corp., the landlord.

Kelley Hoover Heckathorne of Burns Scalo Real Estate Services Inc. represented the Laurus.

By Mark Heschmeyer

Law360 Leases 46,000 SF in Chelsea

Law360 signed a 46,000-square-foot lease at 112-118 W. 20th St. in New York, New York.

The fast growing subscription news company will take the entire fourth and fifth floors for acollaborative, open-air work space.

The eight-story, 185,000-square-foot office building was built in 1901 in the Chelsea submarket ofManhattan. Law360 will join tenants like Regus, the Barbarian Group, and Kleinfield Bridal who alsooccupy full floor spaces in the building.

Paul Ippolito of Newmark Grubb Knight Frank represented the tenant. Steven Kaufman, BarbaraRaskob, and Yvonne Chang with Kaufman Organization represented the landlord in-house.

By Megan Ohlmacher

Udemy Leases 39,562 SF in San Francisco

Udemy, an online learning marketplace, signed a lease for 39,562 square feet in the office buildingat 600 Harrison St. in San Francisco.

The six-story building totals 218,646 square feet in the Rincon/South Beach submarket. The propertywas built in 1989 and is currently owned by Pell Development, according to CoStar information.

Udemy's lease is for the entire third floor. Other tenants in the building include ABM and IZ-ONMedia.

Jim Chesler and Kevin Waldman of DTZ represented the tenant. Bob Kraynak, Reza Musavi and Dave

Young of Cushman and Wakefield represented the landlord.

By John Walz

AIR Leases 36,812 SF in Chicago

Washington, D.C.-based nonprofit American Institutes for Research (AIR) will relocate its Chicagooffice after agreeing to a 36,812-square-foot lease at 10 South Riverside Plaza.

The behavioral and social science research and evaluation organization will take up a full floor at the22-story, 705,445-square-foot West Loop tower, shifting its offices from three floors at the CivicOpera House. Slated to move-in December 2015, AIR's new office space represents a 30%expansion.

Greg Witt of CBRE's nonprofit practice group represented the tenant, while Gary Denenberg, SaraSpicklemire and Kelsey Karp-Scheive of MB Real Estate brokered the lease on behalf of the owners,Ivanhoe Cambridge and Callahan Capital Properties.

By Philip Moss

Everbridge Signs Sublease in Burlington

Everbridge, a critical communications automator, signed a 35,439-square-foot sublease at 25Corporate Dr. in Burlington, MA, where it will establish its new East Coast headquarters.

The four-story, 128,642-square-foot, Class A, office building was built in 1989 and is in theBurlington/Woburn submarket.

Mark Roth and Matthew Malateste of Cushman Wakefield Inc. represented the sublessor innegotiations.

By Michael Dygert

RTI International Signs Lease in Waltham Oaks

RTI International will open a new office within the Waltham Oaks Office Park after signing a leasefor 28,405 square feet at 307 Waverley Oaks Rd. in Waltham, MA.

The independent, non-profit research institute will occupy first floor space at the 142,663-squar--foot, four-story building, with a move-in date scheduled for January 1, 2016.

Built in 2001, 307 Waverley Oaks is part of the nine-building, 1.1 million-square-foot Waltham OaksOffice Park, a suburban Boston campus that features a restaurant and fitness center on-site and isserviced by the nearby MBTA - Waverly station.

Stephen James and Jason Rexinis of NAI Hunneman Commercial Co. brokered the lease on behalf ofthe owner, Duffy Properties.

By Brad Blum

Walton Isaacson Inks Expansion Deal at Reid Murdoch Center

Walton Isaacson, an independent marketing agency with a national presence, signed a lease for19,538 square feet on the fifth floor of the Reid Murdoch Center in Chicago.

The historic Reid Murdoch Center was constructed in 1913 at 325 N. LaSalle St. Renovated in 2001,the property is currently home to World of Whirlpool Corp., Midwest Diagnostic Management andCubellis Associates, among others.

The new lease allows Walton Isaacson to consolidate space over multiple floors at 400 N State St.while remaining in Chicago's River North district. The additional space also affords the firm room forcontinued growth.

Ben Azulay and Justin Kessler of Bradford Allan represented Walton Isaacson. Robert Zimmerman ofFriedman Properties Ltd represented the landlord in-house.

By Damian Smoter

3M Renews, Expands to 18,865 SF at One McPherson Square

3M signed an 11-year lease extension through 2027 for 18,865 square feet in the Class A officebuilding at 1425 K St. NW in Washington, DC.

The 12-story One McPherson Square totals 214,223 square feet at the corner of K St. and VermontAve. in D.C.'s East End. Building owner Blake Real Estate developed the property in 1970 andcompleted renovations in 2001. In 2014, the building earned LEED certification at the Silver level.

An American multinational conglomerate formerly known as Minnesota Mining and ManufacturingCo., 3M's lease covers the entire third floor. Other tenants in the building include Fish Richardson,P.C., Caterpillar and the Certified Financial Planning Board of Standards.

Owen Billman and Steve Solomon provided in-house representation on behalf of Blake Real Estate.

By Christian Powell

Western Refining Takes Over Full Occupancy of Papago Buttes Corporate Plaza

Western Refining expanded its leased space at Papago Buttes Corporate Plaza at 1250 W.Washington St. in Tempe, Arizona.

Western Refining agreed to lease 17,723 square feet of additional space on the fourth floor of theWest Washington Street office structure. The expansion results in the company occupying an entirefour-story, 105,000-square-foot building.

The firm took the opportunity to expand its administrative offices when two previous tenants choseto vacate the property. The company will take occupancy of the additional space this summer.

Larry Downey of Cushman Wakefield of Arizona served as exclusive tenant representative forWestern Refining. Tony Hepner and Janet Ehrlich of Metro Commercial represented the landlord.

By Mark Heschmeyer

BNY Mellon Grows at Mellon Financial Center

The Bank of New York Mellon Corporation signed an 11,103-square-foot lease expansion at 500Grant St. in Pittsburgh, PA.

The 54-story, 1.63 million-square-foot, 5-Star BNY Mellon Center office building was constructed in1980 on 3.6 acres in the city's CBD submarket, part of the Mellon Financial Center campus. Thebuilding was awarded an Energy Star label for its operating efficiency.

Jeffrey Adams and Jason Stewart of JLL represented the landlord, The Bank of New York MellonCorp.

By Sharon Koutroumpis

Genocea To Sublease Space from The Smithsonian

Genocea Biosciences Inc. entered into a sublease with the Smithsonian Institution for the lease of10,507 square feet at 100 Acorn Park Drive in Cambridge, Massachusetts and 27 unreservedparking spaces commencing on June 15, 2015.

The lease will expire on February 28, 2017, subject to an option to renew for an additional threeyear term.

A subsidiary of The Bullfinch Cos. is the prime landlord.

By Mark Heschmeyer

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