Trading Places: ZoomInfo Swaps Office Buildings With Waltham Neighbor
Two Waltham companies have executed a rare office swap, trading spaces — allowing one to contract and another to expand in buildings controlled by two different landlords.
ZoomInfo is moving into 275 Wyman St. after entering a 15-year agreement with Hobbs Brook Real Estate. VistaPrint, a graphic design and printing firm now owned by Cimpress, is moving into ZoomInfo's space at 170 Tracer Lane, a Boston Properties project the company opened as its headquarters in 2019, ZoomInfo CEO Henry Schuck told Bisnow Tuesday.
"There’s a decent amount of nuance there, but effectively we took over the portions of the lease that correspond with the space that we’re taking, that we plan to grow into over time," Schuck said.
Hobbs Brook Real Estate CEO Sam Schaefer said in a statement the firm looks forward to supporting ZoomInfo's growth.
“This was complex transaction with a unique set of challenges," Schaefer said.
BXP did not return a request for comment.
ZoomInfo, a B2B data compiling firm, will initially occupy 98K SF at 275 Wyman St. with plans to expand to 226K SF through 2027, according to the company's Q4 2020 earnings report released in February. Terms of the full lease weren't disclosed, but first-year cash rent is expected to be $31 per SF.
The company signed a deal in 2018 to occupy the full 74K SF building at 170 Tracer Lane, part of BXP's Reservoir Place redevelopment project. DiscoverOrg, which Schuck co-founded in 2007, acquired ZoomInfo in February 2019 weeks after it moved into its new three-story home. Working remotely throughout the coronavirus pandemic, Schuck said ZoomInfo mulled a larger space for a return to the office and found Cimpress, which was itself seeking a smaller footprint.
"I just think it's just a lot more serendipitous as it is complex," Schuck said of the swap. "I don’t think you often get people on both sides of these deals. The other’s looking to go to a bigger space. The bigger space that we’re evaluating, happens to be really high-end fixtures, laid out perfectly for what we were looking for."
The 300K SF 275 Wyman St., built in 2015, is 12 miles west of Boston. Three years ago. Cimpress subleased parts of its space to Digital Guardian and ServiceNow for a combined 77K SF.
BXP reported that Reservoir Place North was 100% leased as of the end of 2020. The office swap closed in January, according to ZoomInfo's corporate filing.
UPDATE, APRIL 7, 11 A.M. ET: This story has been updated with a statement from Hobbs Brook Real Estate CEO Sam Schaefer.