BILLERICA, MA- Nuvera Fuel Cells will move its Cambridge headquarters into 110,864 sf of office, manufacturing and lab space at Billerica's Rivertech Office Park next year. The 12-year lease will more than double the size of the firm's fuel cell manufacturing operation.
Danielle Andre, with Nuvera, tells GlobeSt.com that the firm, which is currently housed in 56,000 sf at 20 Acorn Park in Cambridge, is undertaking major renovation work at the 129 Concord Rd. site in Billerica to upgrade the facilities before moving its headquarters into the building in the middle of 2007.
"We looked at several locations in several different states and this one ended up being the best location for our company," says Andre, adding that the firm, which began the search for new space two years ago, also received financial incentives from both the state and town to relocate to the site.
Jon Gillman, senior vice president of asset and portfolio management for New Boston Fund, which owns the property, tells GlobeSt.com that Nuvera will occupy the entire building. Terms of the lease were not disclosed but office rates in the Route 128 market, which includes Billerica, averages $21.66 per sf, according to a study prepared by Richard Barry Joyce and Partners.
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