What: 225 Wyman St.
Where: Waltham
Owner: Hobbs Brook Real Estate
Built: 2019-2021

Cambridge-based software company Pegasystems has signed the first lease at Hobbs Brook Real Estate’s speculative office development in Waltham as it switches to a distributed workforce model.

Pegaystems will occupy 131,000 square feet within the 500,000 campus, which broke ground in 2019. Pegasystems will pay initial rent of $46 per square foot for the office space under terms of the 11-year lease, according to an SEC filing.

Pegasystems will close its 1 Rogers St. offices in Cambridge, where it leased 163,000 square feet in 2011, in August. A new 31,571-square-foot corporate headquarters will open at 1 Main St. in Cambridge Sept. 1. The Wyman Street offices are scheduled to open in the first quarter of 2022.

They Said It:

“We are implementing a flexible remote work policy based on what our employees are looking for, so expect we will have employees that will work from home part- or full-time and want to take advantage of multiple locations depending on where their primary residence is.”

— Lisa Rogers, spokeswoman, Pegasystems