Image courtesy of Gensler

Hobbs Brook Real Estate’s 500,000-square-foot speculative development under construction in Waltham has landed its first tenant, securing a 131,000-square-foot lease with a Cambridge-based software company that’s switching to a multi-office arrangement to provide employees with more flexibility.

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.

Hobbs Brook Real Estate broke ground in 2019 on the 500,000-square-foot speculative project  located at 225 Wyman St., which will be the largest contiguous office and lab-ready building along Route 128.

The Pegasystems lease terms call for initial annual base rent of $6 million commencing Aug. 1, 2022. The company received an $11.8 million tenant improvement allowance.

Pegasystems will close its 1 Rogers St. offices in Cambridge, where it leased 163,000 square feet in 2011, in August, spokesperson Lisa Pintchman Rogers said. A new 31,571-square-foot corporate headquarters will open at 1 Main St. in Cambridge Sept. 1.

The 225 Wyman St. office will serve as Pegasystems’ new suburban workspace beginning in the first quarter of 2022. The company also has offices in Salem, New Hampshire.

“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,” Rogers said in an email.

Editor’s note: This report has been updated with information provided by Pegasystems on the square-footage of the headquarters at 1 Main St. in Cambridge.