Nimble Storage Signs 48,000-SF Lease at Newcastle South

John Jordan, GlobeSt.com
Nimble Storage, a Silicon-Valley-based flash storage solutions company, has signed a lease for the majority of the Newcastle South office building, located in the Imperial Center campus here.

The firm inked a 47,986-square-foot lease with building ownership Grubb Properties of Charlotte and real estate fund manager Rubenstein Partners of Philadelphia.

“Our new East Coast home offers the ‘wow factor’ that will help us tap the region’s rich pool of high-tech talent as we expand our East Coast operations,” says Suresh Vasudevan, CEO of San Jose, CA-based Nimble Storage, which opened its first East Coast office in Research Triangle Park in 2013.

The Nimble Storage transaction comes just six months after joint venture partners Grubb and Rubenstein sold Newcastle North, a companion lab and office building, to Virginia real estate investment firm Capital Square Holdings. Grubb and Rubestein leased Newcastle North in 2013 to Reichhold Industries as its world headquarters and technology center. Together, the two buildings—the former GlaxoSmithKline headquarters acquired by the joint venture in 2012—represented the largest contiguous single-story commercial space available in the I-40 corridor of the Raleigh-Durham market.

The final 38,965 square feet of Newcastle South, a doughnut-shaped building surrounding a newly landscaped park-like courtyard, is available for lease.

“We are excited to reposition another headquarters-quality building for another premier tenant in the vibrant Raleigh-Durham market,” says Jonathan Nance, senior vice president of Grubb Properties.

“Nimble Storage represents the kind of high-caliber technology company locating and expanding in this market, one of the nation’s leading research and development hubs. This major lease at Newcastle South is the latest validation of our value-added investment strategy in North Carolina,” adds Dan Doyon, director of acquisitions for Rubenstein Partners.
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