TEWKSBURY, MA-A new lease and an expansion have filled a total of 224,921 sf in two industrial buildings here. The deals are the largest industrial leases so far this year in Boston's northern suburbs.
One of the largest paper distributors in the Northeast, Eastern Bag & Paper Co., inked a 6-1/2 year renewal and expansion totaling 153,641 sf at 65 Sunnyslope Ave here. The new lease added almost 54,000 sf to the company's existing 99,081 sf of warehouse and distribution space.
In the second lease, Draper Laboratory, a Cambridge, MA-based defense contractor, signed a 15-year agreement for 71,280 sf of warehouse and storage space at One Burlington Rd. in Wilmington, giving the company its first significant stake in that Boston suburb.
"Considering that the Metro North industrial market ended last year on a sluggish note, this is a particularly encouraging sign and hopefully will lead to a market turnaround for the rest of this year," says David Connolly, a senior vice president and partner with of CB Richard Ellis/New England in Boston.
Connolly and Jason Levendusky also a VP with the brokerage house, negotiated the Tewksbury lease on behalf of the building owner, Dividend Capital Trust. Eastern Bag represented itself. In the second lease, Connolly teamed up with Bruce Levine, a first vice president and partner, to represent owner GFI Partners, in the Wilmington transaction. Draper Laboratory was represented by Arthur W. Agnew III of Cushman & Wakefield.
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