FloDesign Wind Turbine has leased 10,427 square feet on the first floor of the Watch Factory Offices in Waltham.

FloDesign Wind Turbine, which develops high-efficiency, shrouded wind turbines, is moving from its current space in Wilbraham. The company closed on a $34.5 million series B financing round in December 2009, and was recently awarded an $8.3 million grant as part of the U.S. Department of Energy’s Advanced Research Projects Agency program.

"FloDesign Wind Turbine is thrilled to move into the historic Waltham Watch Factory. In choosing a corporate headquarters location, we were seeking an exciting space that reflects our company’s character as an innovative renewable energy company," said Matthew Commons, chief financial officer for FloDesign Wind Turbine.

Landlord Berkeley Investments was represented by Eric Ekman, project manager, and Steven Brooks, vice president of Asset Management, as well as Dan Krysiak of Grubb and Ellis. FloDesign Wind Turbine was represented by David Bergeron of T3 Advisors.

Opened in 1854 and operating at the site for a century, the Waltham Watch Co. became the first watch manufacturer in the world to mass produce a complete watch under one roof and make quality watches affordable to a broader population. Berkeley Investments is now transforming the 400,000-square-foot historic complex into a mix of offices, loft-style apartments and retail uses with riverfront amenities.

Phase 1 consists of 160,000 square feet of newly renovated brick and beam office space, which is now 36 percent leased. Phase 2 of the project will provide 96 loft-style apartments, a café and a restaurant.

Construction is underway and will be completed in the summer of 2011. Phase 3, targeted for a 2011 start, will include the renovation of an additional 77,000 square feet of office space and a structured parking garage.