The Siemens commitment will allow Metris to relinquish the surplus space it was marketing for sublease that it had under lease for seven more years. Metris was able to negotiate a termination of its lease with the property owner in order to allow Siemens to sign directly with Wells.
The transaction concludes a three-year project for Siemens, which will allow its multiple local operations to consolidate in one location. The terms were not disclosed. Siemens had considered various existing and build-to-suit opportunities but decided to pursue the Crescent Ridge option late in the process.Siemens was represented by Todd Braufman and Rich Reynolds of Equis Corp. and Metris was represented by Brian Helmken and Kurt Knoff of CB Richard Ellis.
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