With construction at Durham’s $128 million Chesterfield building project slated for completion in January, the developer of the project has announced a major lease commitment from one of Durham’s fastest growing technology companies.

Nutanix (Nasdaq: NTNX), a California-based digital storage software firm, made its introduction to Durham in 2013 with a small East Coast branch and has now signed a lease commitment for 70,000 square feet at Chesterfield, confirms Justin Parker, senior director of development at Wexford Science + Technology. Wexford is the developer of the big office, lab and retail building project at the corner of Main and Duke streets in Durham’s Brightleaf District.

Terms of the deal were not disclosed, but the lease commitment brings the 284,000-square-foot building to 74 percent occupancy. Duke University has also committed to leasing 100,000 square feet inside Chesterfield, and BioLab, a shared lab space model for startups and growing life science companies, is taking 42,000 square feet.

Parker says construction contractors are on track to complete the core and shell construction of the building in January. Tenant office construction upfits should begin around the same time. Whiting-Turner Contracting Co. is the general contractor.

Mike O’Farrell, director of facilities for Nutanix, stated in a news release about the deal that the company is committed to bolstering the Durham technology ecosystem. “The Chesterfield building is a historic Durham landmark and we’re excited to continue our company’s growth with a new space steeped in the history of the city.”

The Chesterfield, which dates back to 1948, was previously a cigarette manufacturing plant for the Liggett & Myers tobacco company. Wexford acquired the property in late 2013, and in September sold the property as part of a portfolio of buildings acquired by Ventas Inc.(NYSE: VTR). Wexford continues to manage the portfolio and the Durham development project.

The group is also constructing a parking deck about a block away from Chesterfield in the Brightleaf District to accommodate its office tenants.

Marlene Spritzer with Savills Studley represented the Nutanix in the lease negotiations, and Robin Anders with NAI Carolantic represented the landlord.


Source: Triangle Business Journal | By: Amanda Hoyle