The joint venture purchased the vacant property for a reported$25.5 million in 2006. Cushman & Wakefield represented them inthe purchase and will also be marketing the property for theJV.


The computer company plans to consolidate numerousoffices--approximately 3,400 of its 5,000 Massachusettsemployees--into the building as their other leases expire,according to National Development. The company explains that it iscurrently doing a full interior "gut renovation" of the facilityand that IBM will inhabit the property in a "phased in" approachtaking on "100,000 to 110,000 sf by November," then staggering therest of IBM's consolidation as their other leases expire.


The Boston-suburban submarkets have attracted attention fromcompanies attempting to keep their businesses within theBoston-metro area. Resolve Technology decided to move itsheadquarters from Boston to Needham, MA andArbor Network is merging its Lexington, MA office and its Merrick,NH office into a single, Chelmsford, MAheadquarters. Meanwhile, Epsilon is continuing its search for140,000 sf, possibly in nearby Woburn, MA for itsnew headquarters, although CRA decided that Boston was the rightfit and renewed their lease in the John HancockBuilding. The asking price for the property is undisclosedat this time, but a comparable sale in Framingham, MA of the MaricPortfolio--399,686 sf of office space--garnered around $82 millionin May of this year, according to a Jones Lang LaSalle Q2 2008market report.

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

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