New Lease Postings 12-30-09

Arizona

Phoenix, AZ- Polsinelli Shughart PC signed a 10-year lease deal for 45,000 square feet at the CityScape building in Phoenix. The law firm is taking occupancy of the 17th and 18th floors in June of 2010. It is the fifth law firm to sign on with CityScape. The 27-story office tower building at 1 E. Washington St. is in the heart of downtown Phoenix, across from the Phelps Dodge Corp. building. Currently under construction, the building is due to deliver in March 2010. Jerry Roberts, Corey Hawley and Jim Fijan of CB Richard Ellis represented the landlord, RED Development.

California

Carlsbad, CA- Premier Nutrition Inc. leased 19,343 square feet of warehouse space at 6215 El Camino Real in Carlsbad, CA, for five years. Built in 1999, the flex building totals approximately 99,495 square feet, and is situated within the NorthPointe Tech Center. Pure Fitness Health Club occupies remainder of the space. Premier provides nutrition products, such as nutrition bars, protein and other health supplements. Russ Jabara and David Pinnegar of Colliers International in Carlsbad represented the landlord, Walton Street Capital LLC. Misty Moore and Nicole Winters of Jones Lang LaSalle represented Premier

El Segundo, CA- Nexon America, an online gaming company and creator of interactive entertainment software, leased 37,772 square feet of office space at 222 N. Sepulveda St. in El Segundo, CA. The lease term was for five years and is valued at approximately $4.4 million. The 24-story building was built in 1974 and is part of Pacific Corporate Towers. It will occupy the second and third floors as its North American headquarters. Grafton Tanquary and Erin Grannis of CB Richard Ellis represented the landlord, Pacific Corporate Towers LLC.

Long Beach, CA- Magellan Cold Storage Co. signed a five-year, 46,000-square-foot industrial lease with an additional five-year option. The company will occupy the entire building at 3100 E. 29th St. in Long Beach, CA. In-Store Services owns the 46,000-square-foot property. It was built in 1973 and is the former home to Express Transport Solutions. Greg Gill and Brandon Carrillo of Lee & Associates represented In-Store Services. John Burns of McKenna & James represented Magellan.

Los Angeles, CA- Unical Aviation is relocating its corporate headquarters and warehouse, signing a long-term lease for a facility in City of Industry, CA. The deal is valued at $20.6 million. At 467,119 square feet, it is the largest industrial lease in Los Angeles and Orange Counties this year. Located at 680 S. Lemon Ave., the warehouse was built in 1987 and was formerly occupied by Circuit City. Occupancy is slated for summer 2010. The move is a major expansion for Unical Aviation, which currently occupies a 127,000-square-foot facility in Irwindale, CA.

Palo Alto, CA-Facebook agreed to sublease approximately 265,000 square feet in four R&D buildings at 1050 Page Mill Road in Palo Alto, CA, from Beckman Coulter Inc. The flex buildings are located within Stanford Research Park and are owned by the university. Three of the facilities were constructed in 1956, with the fourth added in 1971. Doug Beck, James Fletcher, Michael Frost and Matt Von der Ahe of CB Richard Ellis represented the sublessor in this transaction.

San Francisco, CA- LS9 Inc. signed a deal to fully occupy 600 Gateway Blvd. at The Gateway Technology Center in South San Francisco, CA. The privately held industrial biotechnology company is scheduled to move into the two-story, 50,400-square-foot facility by the second quarter of next year. Building Three, the office property at 600 Gateway Blvd., was built in 1998 at The Gateway, a hub for biotech and R&D users. John Held, Connor Deal and David Black of CB Richard Ellis represented the owner, Alexandria Real Estate Equities, while Mark Pearson of CresaPartners represented LS9.

Connecticut

New Haven, CT- Achillion Pharmaceuticals has cancelled a portion of its lease at the George Street Technology Center in New Haven, CT. The drug developer is surrendering about 5,000 square feet of its 40,000-square-foot space to the landlord, a joint venture of Winstanley Enterprises Inc. and Yale University. Achillion has agreed to vacate the premises by March 15, 2010. The landlord is providing Achillion with $50,000 to help cover moving costs.

Trumbull, CT- St. Joseph College leased 36,500 square feet in the XL Center in Hartford 21 at 241 Trumbull. The all women’s college will have its pharmacy school at Hartford 21 opened for the 2010 school year. It plans to occupy the space by next June. The three-story, 162,257-square foot office building was built in 2006. The property features almost 56,000 square feet of retail on the first floor. Jonathan Putnam of Cushman & Wakefield of Hartford represented St. Joseph College. Joel Grieco also of Cushman & Wakefield represented the landlord, Northland Investment Corp.

District of Columbia

Washington, DC- The Internal Revenue Service leased 167,000 square feet at 77 K St. NE in Washington, DC. The federal agency will take floors one through six at the 11-story building. The IRS will relocate from 500 N. Capitol St. NW, an eight-story, 183,129-square-foot, Class B office in Capitol Hill owned by 500 North Capitol LLC and managed by JBG Cos. Owner Brookfield Properties Management LLC developed the Class A, 335,870-square-foot office property at 77 K St. last year. With the IRS deal the NoMa property is now 51 percent leased. Henry Chapman and Leroy Battle of CB Richard Ellis represented the IRS. Darian LeBlanc, Dick Hadsell and Allison Berry of Cassidy & Pinkard Colliers represented the owner.


Florida

Boca Raton, FL- Summit Brokerage Services, a securities and investment company, signed a seven-year lease for 17,808 square feet at 595 S. Federal Highway in Boca Raton, FL. The five-story office building totals 82,998 square feet was built by Bryason Realty Corp. in 2003. Bryason sold the building in 2005 for $37.2 million to private investors, but are still managing the property. Summit Brokerage Firm's lease includes the entire fifth floor, which totals 13,554 square feet, and 4,254 square feet on the 2nd floor. Charles Shane from Bryason represented both the tenant and landlord.

Georgia

McDonough, GA- Viega North America leased 255,070 square feet at 150 Greenwood Industrial Parkway in McDonough, GA, for seven years. The plumbing and heating technology manufacturer is set to move into the space in second quarter 2010. Built in 2006, the 867,000-square-foot industrial building is in ProLogis Park Greenwood. LG Electronics occupies the rest of the building. Rodney Davidson represented the landlord, ProLogis, in-house.


Illinois

Chicago, IL- Hubbell Lighting Inc signed for 82,933 square feet at 1455 Sequoia Drive in Orchard Road Business Park. Emmet Purcell and Tom Pulie with USI Real Estate Brokerage represented the tenant.


Massachusetts

Burlington, MA- Acme Packet leased 123,788 square feet at 100 Crosby Drive in Bedford, MA, DivcoWest's 261,961-square-foot, Class A office property about 18 miles northwest of Boston.

The Burlington-based voice over Internet protocol equipment supplier will relocate its headquarters from 71 Third Ave. where it occupies 75,000 square feet. Investment entity 71 LLC owns the Burlington office building and Nordblom Management Co. manages it.

DivcoWest owns 100 Crosby Drive, a four-story structure on 52 acres in the Lowell/Chelmsford submarket. Technoford LLC sold the 27-year-old building to DivcoWest 2.5 years ago for $61.5 million, or about $235 per square foot. Acme’s move in is scheduled for June 1 of next year


Cambridge, MA- Art Technology Group Inc. (ATG) is expanding its headquarters at One Main Street, Cambridge, MA. The software company has extended its lease of 45,000 square feet, due to expire in December 2011, through 2018. It has also signed for an addition 13,561 square feet in the building, to commence in August 2010. Landlord RREEF America REIT has the rent set to increase by 11% in the first year of the extension, with annual escalations.


North Carolina

Asheville, NC- Volvo Construction Equipment is closing its plant in Asheville, NC, as part of a new consolidation effort to improve operating efficiency. The heavy construction equipment manufacturing facility will cease operations in March 2010.

Volvo CE plans to split up the production currently done in Asheville into three other existing plants. The company is moving its manufacturing of cabs for motor graders to its facility in Shippensburg, PA, which is in the process of being expanded. Other operations will be handled at locations in Sweden and South Korea.

Volvo CE employs 228 workers at the 410,164-square-foot Asheville plant, a small number of which will be offered positions in Shippensburg, the company said. Additionally, there could be some positions available at several other Volvo CE locations across North America.


Pennsylvania

King of Prussia, PA- Tosoh Bioscience, a global company that provides diagnostic systems to doctor's offices, hospitals and laboratories, has leased 13,493 square feet of office space at 3604 Horizon Blvd. in King of Prussia, PA. The single-story, 22,500-square-foot office building sits on 3.9 acres in the Renaissance Park office campus. Tosoh Bioscience is taking occupancy in May 2010. Bruce Hartlein represented the landlord, Liberty Property Trust, in-house. Michael Bronstein of CB Richard Ellis represented the tenant.

Texas

Dallas, TX- Oncor signed a deal to relocate its corporate headquarters to 1616 Woodall Rodgers Freeway, a 265,061-square-foot office building in Dallas' central business district. The electricity distributor will move more than 500 workers and consolidate operations in the eight-story property, which is less than a mile from its current corporate location. The company will move from Energy Plaza, a 42-story, 1.03 million-square-foot office tower at 1601 Bryan St. in the CBD owned by entity ZSF/Dallas Tower Trust. Central & Southwest Real Estate Services owns the American Electric Power building at 1616 Woodall Rodgers. Oncor is scheduled to move in the first quarter of 2010. The company cited the stand-alone property's accessibility to public transportation and proximity to the new Woodall Rodgers Park as the reason for its relocation.

Virginia

Virginia Beach, VA- South University leased 32,606 square feet at the Convergence Center IV in Virginia Beach. Occupancy is scheduled for February 2010. The five-story, 92,000-square-foot office building at 301 Bendix Road delivered in May in the Convergence Center business park. John P Duffy, Jr. CCIM and Maureen G Rooks of Thalhimer, along with Larry Downey of Cushman & Wakefield, represented South University. Chip Cutchins of Olympia Development represented the landlord