Adobe Systems Incorporated (Nasdaq:ADBE) today announced it has entered into a purchase and sale agreement with Normandy Real Estate Partners to acquire Overlook Center upon substantial completion at 21-61 Hickory Drive, Waltham, Massachusetts. According to the purchase agreement, Normandy will complete construction of an office building shell and core totaling approximately 108,500 square feet of space, a parking structure and site improvements. The transaction, valued at $44.7 million, is expected to close by May 2009, subject to the agreement’s closing conditions.
“The Boston area, with its rich ecosystem of technical talent and innovation, is important to Adobe’s business and this purchase reinforces our commitment to having a significant presence in the area,” said Rick Treitman, site leader for Adobe’s Boston operations. “Like many of our other sites around the world, the Overlook Center site will be a cutting-edge building that reflects our commitment to eco-friendly operation and community involvement while offering first-class amenities for our employees.”
Upon completion, the new Adobe property will feature contemporary design elements of glass and steel and include approximately 360 spaces of on-site covered parking, a café, fitness center, triangular conference facility, abundant natural light and a courtyard drop-off area. From Overlook Center’s elevated setting there will be dramatic 270-degree views to the north and south. The building is expected to be ready for occupancy by late 2009.
Normandy and Adobe are jointly pursuing LEED certification through the United States Green Building Council (USGBC) for both the exterior shell and the interior of the building.
“Normandy, our local partner Neelon Properties and the City of Waltham are thrilled to bring a leading technology company like Adobe to Overlook Center. We were looking to build this property for a company that was committed to an exceptional product for both its employees as well as the environment,” says Justin Krebs, a principal in Normandy Real Estate Partners who oversees the firm’s portfolio in the Greater Boston area. “Leveraging our vertically integrated platform that includes development and construction capabilities, we will be able to deliver to Adobe a market-leading, sustainably-designed building that is cutting-edge in terms of design, building technology and amenities, helping the company to retain and attract the highest quality local talent. Our vision for this property has become a reality.”
Adobe currently occupies leased office space in Newton, Mass, home to approximately 200 employees who are engaged in a cross-section of functions, including research and development, marketing, customer support and sales. Once fully complete, Overlook Center will house those employees and provide Adobe with room for continued growth in the Boston area.
About Adobe Systems Incorporated
Adobe revolutionizes how the world engages with ideas and information – anytime, anywhere and through any medium. For more information, visit www.adobe.com.
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Eileen Foley, 408-536-4002
Cynthia Fetty, 650-762-2872
Normandy Real Estate Partners
Dianne Falaguerra, 617-933-5020