FOSTER CITY, Calif. - Legacy Partners has parlayed strategic alliances with high-tech companies into a completely filled building.
The real estate company just signed two high-tech tenants for its Bayside Tower, a 262,000 sq. ft. office building under construction in the San Francisco Bay area. Inktomi, a leading developer of Internet technology, signed a lease for 177,000 sq. ft., and P.E. Applied Bio Systems, a bio-tech firm took 67,000 sq. ft. The total value of the two leases tops $100 million.
Inktomi powers many of the leading Internet search sites including HotBot, Microsoft's MSN Internet Search and Yahoo!
"We are intrigued not only by Inktomi's outstanding product but also the talented team of professionals managing this growing company," Legacy Senior Vice President Allen Palmer says. "Additionally, P.E. Applied Bio Systems' commitment means Bayside Tower will open 100% preleased - a positive indication of the strength of the Bay Area market."
NASHVILLE, Tenn. - Just as NREI was going to press, Hines scored a major commitment to its mixed-use project in Nashville.
The Houston-based developer announced it had signed a major law firm to the top two floors of its speculative office building in Hines' 2525 West End project. The 14-story, 300,000 sq. ft. Class-A office building is part of Hines' 600,000 sq. ft. development situated between interstates 40 and 440 at the edge of Vanderbilt University.
The law firm of Wyatt, Tarrant & Combs will move 100 employees from its current location in Nashville City Center to West End when the building is completed in the summer of 2000. Hines plans to begin construction on the building this summer.
"Hines has an ongoing commitment to this development, and we are confident that this project will provide an attractive location for this prestigious law firm," Hines Director of Marketing David Wilson says.
Wyatt, Tarrant & Combs employs more than 225 attorneys in nine offices in Tennessee, Kentucky and Indiana. "The substantial and sustained growth of our firm over the last five years and our plans for the future led us to seek a major source of office space in Nashville," says Charles Bone, managing partners of the Nashville office.
The 2525 West End development also will include 62,000 sq. ft. of upscale retail and an attached 250-room four-star hotel.
Grover Potts, partner in charge of leasehold arrangements for Wyatt, Tarrant & Combs, represented his law firm in the transaction. David Wilson and John Heagy represented Hines.
HOUSTON - Andersen Consulting will consolidate 1,100 Houston employees in a building situated just west of downtown Houston.
The firm just signed a lease for 153,000 sq. ft. in America Tower at American General Center. It will consolidate its offices in downtown and on Barker Cyress into America Tower.
"The new facility will be designed around Andersen Consulting's new workplace office concept," says Josey Duke, facilities and services manager for Andersen Consulting. "This open environment encourages interaction, knowledge sharing and improved client support and allows for 'hoteling' to ensure the most efficient use of our space."
Built in 1983, America Tower is a 43-story, 1 million sq. ft. structure. It's part of the five-building, 2.2 million sq. ft. American General Center complex situated on 50 acres just west of downtown. The complex houses the headquarters of American General Corp.
Cushman & Wakefield is the exclusive leasing and managing agent for American General Center. C&W Senior Director Jonathan R. Serko and Vic Baltov represented the center in the transaction, and W. Derrell Curry of CB Richard Ellis represented Andersen Consulting.