Normandy Real Estate Partners Signs TripAdvisor Inc. for New Headquarters in Needham, MA

 
Boston, MA – June 25, 2013 – Normandy Real Estate Partners and Greenfield Partners today announced the signing of TripAdvisor Inc. (NASDAQ: TRIP) to an over 280,000 square foot long-term lease at Center 128 in Needham, MA. TripAdvisor® is the world’s largest travel site*, which offers trusted advice from travelers and a wide variety of travel choices, and will be nearly doubling the amount of space from their current headquarters location in Newton.
“Today’s leading technology companies are seeking high-performance workplaces designed to support their culture, their brand and their most valuable asset – their employees. There is a dearth of quality product in the Boston submarket that is sufficient to meet their advanced workplace preferences,” said Mark Roopenian, Senior Vice President at Normandy Real Estate Partners.
“As the world’s largest travel website with a world class-team, our new global headquarters will foster innovation, inspiration, and let our unique culture thrive,” said Julie M.B. Bradley, Chief Financial Officer of TripAdvisor. “We’re looking forward to making the move, and glad we’ve had Normandy as a partner to bring our new space to life.”
Normandy will serve as the project’s master developer. John Varholak and Ron Friedman of Richards, Barry, Joyce and Partners represented ownership in the transaction. Anne Columbia of the Columbia Group and Mark Roth of Cushman & Wakefield represented the tenant.
“We couldn’t have picked a more innovative, forward-thinking company to anchor this great location and we’re thrilled that we could help TripAdvisor find a new corporate home,” added Justin Krebs, Principal of Normandy Real Estate Partners. “We’re confident that Center 128’s visibility and amenities will continue to attract best-in-class companies who will all benefit from a customized office environment intended to foster innovation and recruit and retain top talent in a highly competitive job environment.”
Last fall, Normandy and Greenfield commenced the redevelopment of Center 128 with approximately 830,000 of total development potential. Construction was recently finished on a new 128-room, 89,740 square foot Needham Residence Inn by Marriott Hotel at the office park. Located in Boston’s strongest suburban submarket, Center 128 is in close proximity to the Highland Avenue interchange off Route 95 / Route 128 (Exit 19). The close proximity to public transportation and highway visibility provides tenants the opportunity to prominently display signage and brand their headquarters. Home to a number of major corporations, Route 128 West is centered on the key interchange of the Massachusetts Turnpike, 10 miles west of Boston and is often a top choice of tenants seeking prime, well-located space in the suburban real estate market.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate operator and investment manager headquartered in Morristown, NJ with offices in Boston, New York City, Los Angeles and Washington, D.C. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments.  Normandy’s existing portfolio includes over 15 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments in the gateway markets of Boston, Metro New York City, Los Angeles, San Francisco, and Washington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements. For more information visit www.normandyrealty.com.
About Greenfield Partners
Greenfield Partners, LLC is a private company that specializes in real estate and related investments on behalf of itself and a select group of private and institutional partners. Since inception in 1997, Greenfield has raised over $4.0 billion in equity commitments to nine different investment funds and operates in both North America and abroad. Greenfield has offices in South Norwalk, Connecticut, Chicago, Illinois and Reston, Virginia. Additional information is available at www.greenfieldpartners.com.
About TripAdvisor
TripAdvisor® is the world’s largest travel site*, enabling travelers to plan and have the perfect trip. TripAdvisor offers trusted advice from real travelers and a wide variety of travel choices and planning features with seamless links to booking tools. TripAdvisor branded sites make up the largest travel community in the world, with more than 200 million unique monthly visitors**, and over 100 million reviews and opinions covering more than 2.5 million accommodations, restaurants and attractions. The sites operate in 30 countries worldwide, including China under daodao.com. TripAdvisor also includes TripAdvisor for Business, a dedicated division that provides the tourism industry access to millions of monthly TripAdvisor visitors.
*Source: comScore Media Metrix for TripAdvisor Sites, worldwide, April 2013
**Source: Google Analytics, worldwide data, May 2013
©2013 TripAdvisor, Inc. All rights reserved.
 SOURCE TripAdvisor