"The aggregate value of the lease is in excess of $50 million," Henry Johnson, TCC's managing director in Los Angeles, tells GlobeSt.com. On this account, Johnson worked with Don Cartwright, South Florida area director, and Mark Bailey, VP of representation of corporate advisory services, both based here, to represent the tenant in the negotiations. Mike Erickson of the local office of CB Richard Ellis represented the owner of the 10-story, class A building, Teachers Boca Properties II Inc., which is one of New York-based TIA's pension fund clients. The owner "structured attractive terms for a long-term lease extension," Johnson adds.

The TCC team investigated many options, including build-to-suits for the Tyco unit, according to Cartwright. "There is limited supply and demand for 200,000-sf office buildings here," he says, "and, in the end, Tyco chose Boca Raton."

The company has a significant presence in this area. It owns property at 6600 Congress Ave. here, which houses a part of the fire and security segment's R&D operations, and also leases other properties in and around Boca Raton. In all, Tyco employs 3,500 people throughout South Florida.

This segment of Tyco International's operating units includes ADT Security Services-North America, SimplexGrinnell, Tyco Safety Products and the Latin American operations. Tyco Safety Products located its headquarters here in 2003, and SimplexGrinnell and Latin American corporate operations moved here the following year. This unit's annual revenue is $11.4 billion and includes more than 60 brands represented in approximately 100 countries. Tyco International's US headquarters is in Princeton, NJ.