"It will be repositioned to attract tenants with larger space needs," Mark Paris, National Development's senior vice president, tells GlobeSt.com. "It's a great location at the intersection of Routes 495 and 119 and we bought the buildings at a price which we feel gives us the potential for added value."
Paris says the team plans to do some renovation work including adding elevators and upgrading entrances and lobbies to make the buildings more flexible and user friendly. Upgrades to the roofs, building systems and parking areas are also planned.
The buildings, which were originally developed in the mid-1980s for Digital Equipment Co., have already drawn the interest of a number of potential tenants, Paris says, adding that at least six firms have already expressed interest in leasing the office and lab facilities. "There is not a lot of opportunity for large blocks of space in that marketplace and we think they are attractive to users with requirements in excess of 100,000 sf."
The property was marketed for Hewlett-Packard by Rob Griffin, Chris Griffin and Rick Putprush, all with Cushman & Wakefield's Boston office. The three brokers also procured the buyer.
© 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.