Iron Mountain Signs Up for 81,792 SF

Alexander Dauria with Spaulding & Slye tells GlobeSt.com that Iron Mountain's recent acquisition of two high tech firms, Connected Corp. and Live Vault, prompted a search for new quarters. The 120 Turnpike Rd. building worked perfectly for Iron Mountain's needs because it offered a central location, Dauria says. The lease was negotiated for owner Realty Associates Fund VI LP by John Lashar, Brian McKenzie and Paul Leone of Richards Barry Joyce & Partners.

"Iron Mountain pursued that building because they had the opportunity to take it in its entirety, which provided them the chance to have a corporate identity and the stature in keeping with a company of their regard," says Dauria, who handled the leasing details for the tenant. "It was centrally located and a size that accommodated their needs." An in-house cafeteria, additional land for expansion to the rear of the building and a location that offered the chance to consolidate with little disruption for commuting workers at both subsidiary businesses helped seal the deal, he notes.

Terms were not disclosed but a study of the office market prepared by Richards Barry Joyce and Partners, the property's exclusive leasing agent, shows that class A lease rates in the Route 495 area are in the high teens. Located on Route 9 just two miles from Route 495 and the Massachusetts Turnpike, the building will be fully leased when the firms move into the property in the fall.