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.
© 2008 Adobe Systems Incorporated. All rights
reserved. Adobe and the Adobe logo are either registered trademarks or
trademarks of Adobe Systems Incorporated in the United States and/or
other countries. All other trademarks are the property of their
respective owners.
