GlobeSt.com EXCLUSIVE: DPM Mellon Signs 72,000-SF HQ Lease

SOMERSET, NJ-DPM Mellon has signed a long-term lease for 72,238 sf of office space at 400 Atrium Dr. here, GlobeSt.com has learned. The hedge fund administrator, part of the Pittsburgh-based Mellon Financial Services, is moving and expanding its headquarters from another nearby location. The building is owned by the Charlotte, NC-based Allegiance Realty Corp.

The transaction was arranged on behalf of Allegiance by Cushman & Wakefield of New Jersey, East Rutherford, which has the leasing exclusive for the property. DPM Mellon will occupy the third and fourth floors in the north tower of the 354,670-sf, five-story class A asset. Terms of the signing are not being released.

Allegiance bought 400 Atrium Dr. from Archon early this year as part of a 1.2-million-sf, eight-building portfolio here and in Hanover Township. The sale price for the portfolio was not released, but industry sources put the number in the $85-million to $90-million range. The Rockpoint Group was Allegiance’s institutional equity partner in the acquisition, which marked the latter’s entry into the New Jersey marketplace.

“This lease with DPM Mellon validates the success of our integrated plan for the Atrium buildings,” Christopher Smith, president and CEO of Allegiance, tells GlobeSt.com. Since making the acquisition, his company has completed a multimillion-dollar renovation of the site and the rest of the four-building, 880,000-sf Atrium Corporate Campus, as well as the other properties in the portfolio. “Since our acquisition of this portfolio six months ago, we have leased approximately 175,000 sf,” adds Allegiance’s Scott Sambade.

DPM became known as DPM Mellon in January when it was acquired by Mellon Financial Services for an undisclosed price. Besides overseeing $30 billion in assets for more than 90 clients as a fund manager, the company also provides middle- and back-office outsourcing and transparency services.