The semiconductor manufacturer has signed a long-term lease with Brady Sullivan Properties for the one-time Lockheed Martin manfucaturing building, according to Cushman & Wakefield New Hampshire executive director Tom Farrelly, which represented locally based Brady Sullivan in the transaction. Farrelly declined comment on the specific terms of the transaction, but local brokers familiar with the deal tell GlobeSt.com the 15-year-lease deal has a value of $17 million.

Farrelly did say that Brady Sullivan and Allegro each are investing several million dollars into the building's renovation and that Allegro conducted a very thorough location search before deciding on the city. "They were looking between Portsmith, Concord and Manchester, evaluating numerous aspects that ranged from quality of life to quality of real estate," says Farrelly. "They ended up in Manchester because it has all the economic building blocks that will help it attract and retain employees."

Allegro's sensor business unit sells its products to all major automotive and cellular phone manufacturers worldwide. All of the 125 jobs in Concord will relocate here before the end of the year, and plans are to add up to 250 additional jobs. Farrelly says Allegro should begin moving into the building by December.