BILLERICA, MA-MFG Electronics signed an agreement for 8,000 sf of space at 70 Treble Cove Rd. The electronics firm was formerly located in 4,000 sf at 25 Industrial Ave. in Chelmsford.
Ted Shannon, with NAI Hunneman Commercial in Boston, tells GlobeSt.com that the company wanted to be close to its former offices but didn't need all the square footage. "There were not a lot of opportunities for them so we had to negotiate very aggressively to get what we wanted." Owner Interstate Electrical, agreed to structure a lease that allows MFG to expand into the 8,000 sf over a three-year period.
Terms of the lease were not disclosed, but Shannon says rents in the area for similar R&D space range from the mid to high single digits gross. The company will move in once renovations are completed.
The lease puts the 40,000-sf building at 75% occupancy. Interstate Electrical and MFG are the sole tenants of the property. Shannon represented the tenant, while Mark Corangelo of Equitable Real Estate in Boston represented Interstate.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.