Pendo's expansion in DTR

The thinking with Pendo getting a new tower is that a lot of these developers require a certain amount of pre-leases to start building. If Pendo agrees to 120,000sf, the developer can then start to build and try to lease up the other available floors while under construction. Pendo would also have naming rights to the building.

Sure 590 added to the 180 they have now won’t fill a tower by itself but my understanding is that Olson wants a signature location with Pendo logo branding

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Yeah I don’t think anyone believes there going to need a Wells Fargo sized tower but they I believe they will lease enough space for naming rights and will help get a bulk of the space done so that a developer can start on a new tower with confidence. I’m actually surprised that they haven’t picked any of the currently announced proposals.

Most of the recent projects seem to be appropriately sized for them. That said, companies often take many, many months to negotiate all the terms of a lease, and that often delays official announcements. In effect, there may be a deal, it’s just may not be announced.

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My Bet is on the Edison, even though I think Red Hat should Lease the whole thing.

??? did you mean Pendo?

My bet is they go for one of the ones that build on spec and are announced already.
Fortune favors the bold.

Although I hope I am wrong and their announcement would get another tower our of the local Raleigh real estate developer still-stand like Edison or 400H

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No, I am saying Red Hat should move into the Edison for their second tower. They have space needs as well.

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2nd tower? LMAO… if Big Blue doesn’t move them to RTP first

:smile::laughing::wink::grin::joy::rofl:

Oh, I needed that laugh, THANK YOU…:sunglasses:

There is no indication they will do that, and from what it looks like, IBM has not put a operational management component in place.

I mean, Red Hat is hiring like crazy in the Triangle. They are going to need to expand shortly. Their tower is maxed out.

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Sorry, on this one part, I will dispute…?? Where are you reading that they are hiring “like crazy” in the Triangle? Please and thank you! Pleaseeeee?

Well, there are ~90 open job postings in Raleigh…

Not sure on what qualifies as “crazy”, but I would say that’s a good amount.

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Interesting if Pendo expects to announce there building choice in early 2019 and move in in 2022, they had better get started soon…:thinking::blush:

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Its April now. Seems like we are due for an announcement?

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Hopefully they announce something soon, really wanting to know if they are “going to put Pendo Pink in the skyline” this year.

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This might have been the hold up, this was settled yesterday in court.
From the article behind a pay-wall:
““We’re pleased to move past what we see as a clear attempt to distract us as we continue to grow and thrive,” said Todd Olson, Pendo’s co-founder and CEO, in a prepared statement. “Winning this lawsuit is an important moment, but only because it allows us to focus 100% on the more important work of innovating and serving customers. We see it as a win for innovation over litigation. We’d prefer to compete where it counts: in the market, not in the courts.””
https://www.bizjournals.com/triangle/news/2019/04/03/federal-judge-sides-with-raleighs-pendo-over-rival.html?iana=hpmvp_trig_news_headline

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I would imagine you are right.

I personally hope they end up anchoring the Edison. That lot sitting empty drives me crazy. They would be right in the core and it would get a long stalled project out of the dirt and out of DTR development limbo. Their name at the top would be visible from I40.

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Edison may be the coolest all-office tower that’s pending. And they would be close to Redhat (not sure if that matters, but just another high profile tech firm).

But I can see the draw of the towers than also have residential and lots of retail, like Dillon and possibly FNB. And maybe the new buildings along Hillsborough (Glenwood 2, or 301H) might be seen as being in ‘funner’ areas. (I’m thinking of the comments from that company in Morrisville that is moving to Glenwood 1 - they loved the bike storage, street scene, and general area vibe).

But since naming rights on the tower are in play, maybe being close to the core is more important, so Edison looks good for that.

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Let’s hope they aren’t using their “Cooperate Headquarters” cash on these acquisitions.
https://www.bizjournals.com/triangle/news/2019/05/07/pendo-ceo-just-announced-acquisition-beefs-up-our.html?iana=hpmvp_trig_news_headline

There is a lot in limbo regarding their headquarters announcement.

“The buy also propels the firm’s position in the U.K., where Pendo recently opened a small office. “We will be growing the team,” he says of Receptive. “We are actively working on securing more office space for the team… We will be growing it.””

I like how these “journalists” never think to ask simple questions like this…