"I know it's them," one industry professional tells GlobeSt.comabout a group led by veteran Boston real estate broker WilliamZielinski. Now a senior vice president at Meredith & Grew inBoston, where he has been since 1990, Zielinski anticipatesbuilding as much as 600,000 sf of high-end office space at theSouthborough property, according to the source, who maintains theconcept will be well-received by the tenant community. "It's afantastic location," the source says. "I think they will doextremely well." The parcel sits along Route 9 near with quickaccess to both Interstate 495 and the Massachusetts Turnpike.

|

Observers say Verizon is expected to remain at 325 Turnpike Rd.for a limited period, most likely through a sale-leasebackarrangement. Verizon has used the facility chiefly for warehousingof equipment and supplies.

|

The complex was marketed by CB Richard Ellis/New England onbehalf of the sellers. Calls to brokers and Zielinski were notreturned by deadline.

|

As of last week, the due diligence process was continuing,sources relayed, but Southborough Partners LLC reportedly will bewrapping up that review in the near term, possibly as soon as thisweek. It is unclear when a closing would occur.

|

Southborough is part of suburban Boston's MetroWest region, anarea with waves of new construction of office and flex space sincethe 1980s. Once dominated by the computer industry, MetroWest hasbeen through a series of ups and downs since the likes of DigitalEquipment Corp. and Prime Computer roamed the marketplace prior totheir demise. The region was particularly hard hit by a subsequenttechnology bust that began in 2001, with vacancies soaring past30%, but the recovering economy has again bolstered prospects nowthat rents closer to Downtown Boston are soaring. The core suburbanoffice market in Waltham, for example, is now achieving deals wellinto the $40 per sf range. As a result, Jones Lang LaSalle puts theoffice vacancy rate for 12 million sf in MetroWest at 13.1%, thirdbest among seven submarkets tracked by the firm.

|

Given the silence from the parties involved, it is unclear howadvanced the redevelopment plan by Southborough Partners is atpresent, but a source close to the situation claims the principalsare intent on getting the proposal before local and state officialson a fast-track schedule. "It's very real," the source says of theventure. "They want to get it going."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.