VistaPrint, which opened its North American headquarters in Lexington in 1999 and employs roughly 850 people, announced this week that it had decided on a location for a new, expanded U.S. headquarters. In what could be the largest suburban commercial real estate deal of the year, Vistaprint is planning to ink a deal for a 300,000-square-foot build-to-suit headquarters in Waltham, MA, the Boston Business Journal has learned. VistaPrint plans to construct a five-story facility on Wyman Street, replacing a two-story building that was built in the 1960s at 275 Wyman Street.
VistaPrint plans to leave its Lexington location at 95 Hayden Avenue when the lease expires in 2015. According to a Wicked Local Waltham article, the decision was spurred when corporate neighbor The Beal Company filed charges against Hobbs Brook, the management company, and Lexington for VistaPrint's proposed expansion, Lexington Economic Development Director Melisa Tintocalis said.
"When the deal fell through in Lexington, we had to start our search again," said Michael Greiner, Vistaprint's chief accounting officer. "But we wanted to stay in this 128 corridor where we've had good recruiting success. And from a rent versus value standpoint, we think 128 gives us that too. If we moved to Boston, we'd be paying in the high $50s, $60s and even $70s per square foot for some spaces and that math doesn't work for us."
The 11-year lease is expected to be signed in the next two weeks. Greiner won't say how much rent they will pay, but he said it is considerably more than the average rent of $27.63 that Cassidy Turley reported in their second quarter report for Waltham.
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