TechTarget has called off its move to Norwood’s Upland Woods office park and has resumed the search for a new headquarters.
Online publisher TechTarget has called off its planned move to Upland Woods Corporate Center.
TechTarget’s 10-year lease of 113,000 square feet in an office building under construction has been terminated, according to a filing with the SEC. The $33.6-million transaction would have been one of the biggest office deals south of Boston in the past year.
The developer has run into delays and will not be able to deliver the building on schedule by January 2010, TechTarget Chief Financial Officer Eric Sockol said. TechTarget’s existing lease in Needham expires in December 2009.
TechTarget will resume the search for approximately 85,000 square feet of office space in existing buildings within a 10-mile radius of Needham, Sockol said.
“The market is favorable because obviously there aren’t a lot of companies out there looking for the amount of space we’re looking for,” Sockol said.
TechTarget operates a network of technology-oriented Web sites. The Needham company laid off 76 employees, or approximately 12 percent of its workforce, and shut down its two print publications this month.
TechTarget would have been the first tenant of the 200,000-square-foot building. TechTarget occupies 90,000-square-foot in Needham, but sought additional space after hiring 150 employees in the past two years.
In the lease, signed on Sept. 11, TechTarget agreed to pay $28.75 per square foot during the first five years of the lease and $30.75 per square foot in years six through 10.
The landlord terminated the lease on Dec. 10, according to an SEC filing. The Upland Woods building is being jointly developed by Campanelli Companies of Braintree and Commonfund Realty of Wilton, Conn.
Upland Woods is being developed at the former Polaroid Corp. campus, and has been occupied by new tenants including Aspect Medical and Universal Technical Institute of Phoenix.
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