A Quarterly Supplement
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 CityPoint Work 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
encompasses five mil-
lion sf in Dearborn and
Cory Allen 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
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
The firm has been
located in the 1.5-
million-sf, West Loop
building since 1988.
MB Real Estate’s
Citigroup Center division represented
both the tenant and
the landlord in the transaction. ◆
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