Real Estate Forum - March 2008

C PCOR ERP RPOR SRAT PTE PERSPECTIVES

A Quarterly Supplement

MARCH 2008

ews watch

Phase Forward Moves HQ to Green Spec Space

Due to rapid growth, data management company Phase Forward will relocate its headquarters to 77 CityPoint in Waltham, MA, a speculative green building being developed by Boston Properties.

Under the 10-year deal, Phase Forward will move its 313 employees into more than 165,000 sf at the new location by the end of this year, notes Chris Menard, the firm’s vice president of finance. The company looked into redeveloping, but decided a move would be less disruptive and allow for more growth.

The company’s current space, 124,000 sf at 880 Winter St. in Waltham, could only
accommodate up to 350 employees. The new space, with its more efficient layout, can
house some 650 staff members, Menard says. The CityPoint building was also attractive
because of its location near major highways,
local businesses and amenities and its energy
efficiency, the executive notes. The property
has received a LEED Silver certification.
“We looked at a lot of different buildings,”
Menard says. “When we found one that was
LEED certified and it met all of our other
criteria, it definitely helped in the process.”

⁷⁷ ^CityPointWork is expected to commence sometime this spring and be completed by November,

Menard states. Boston Properties will also manage the construction.

The building at 77 CityPoint is the first phase of Boston Properties’ $500-million planned urban center. The Phase Forward signing brings the 200,000-sf structure’s occupancy to 100%. DTZ FHO Partners and the law firm Goodwin Procter LLP

represented Phase Forward in the lease negotiations, while Boston Properties used in-house representation.—Jennifer McCandless

FORD LAND NAMES

NEW LEASING DIRECTOR

Dearborn, MI—Ford Land, the real estate
arm of automaker Ford Motor Co., has
named Rob Cory
director of sales, leas-
ing and development.
He will be responsible
for the firm’s Fairlane
portfolio, which
encompasses five mil-
lion sf in Dearborn and
_CoryAllen Park, MI. Cory
has been part of Ford’s

treasury office for the past three years.

Verizon Inks 100,000-sf Lease in White Plains Verizon Communications has re-upped at 10 County Center Rd. in White Plains. According to Andrew Greenspan, principal at GHP Office Realty, which owns the building with partner Benerofe Properties, the 10-year lease has a five-year initial term with a five-year option. The 99,736-sf space will continue to house the Verizon New York and Verizon Global Network divisions.

The tenant was scheduled to vacate the property by the end of this year and
searched for availabilities within a 25-mile area of its current offices, Greenspan says.
Unable to find new office space that met its needs, it decided to stay put. “They
made the strategic decision that the unit was best
served in its existing location,” the executive says.
Another consideration is the fact that the commu-
nications company has spent “millions of dollars”
upgrading the building to its technological specifica-
tions. Verizon will use the space for its FIOS Internet
services, customer support, a call center and staff
training. Roughly 500 employees will be housed in

10 County Center Rd. _the _building.

GHP, the office building division of Houlihan-

Parnes/iCap Realty Advisors LLC, and Benerofe acquired the asset from Verizon last year as part of a 25-building, 2.3-million sf sale-leaseback.—Jennifer McCandless

CBRE SIGNS ON AS HERTZ’S GLOBAL SERVICES PROVIDER Park Ridge, NJ—Rental car company Hertz Corp. has hired CB Richard Ellis Group as its global outsourcing services provider. CBRE will provide transaction, construction, project and facilities management services for Hertz. The agreement covers almost 3,000 Hertz-con-trolled locations in North America and Europe. The properties include office space, reservations and data centers, equipment rental locations and car rental facilities.

LAW FIRM EXPANDS TO 73,000 SF AT CHICAGO’S CITIGROUP CENTER

Chicago—Law firm McAndrews, Held &
Malloy Ltd. has signed a 73,177-sf
lease renewal and
expansion in the
Citigroup Center.
The firm has been
located in the 1.5-
million-sf, West Loop
building since 1988.
MB Real Estate’s
corporate services
_Citigroup _Centerdivision represented
both the tenant and