Stratus Tech Moving HQ to Mill & Main

MAYNARD, MA—IT firm Stratus Technologies is relocating its corporate headquarters to more than 100,000 square feet of space at the former Clock Tower Place development here now called Mill & Main.

Stratus signed a lease for 102,321 square feet of space at Building 5 at the Mill & Main. The transaction is believed to be the largest office lease deal signed in the 495 West corridor so far this year. The company will relocate its corporate headquarters operations currently housed at 111 Powder Mill Road in Maynard to its new space at the 1.1 million-square-foot Mill & Main by March 2016. Monster.com had occupied part of the complex and has since relocated to Weston. The Mill & Main complex is currently undergoing a multi-million dollar rebranding and revitalization program.

Cushman & Wakefield executive vice president J.R. McDonald, executive vice president Mike Frisoli and director Matt Morgan represented the landlord, Saracen Properties and Artemis Real Estate Partners, and serve as the exclusive leasing agents for the property. Newmark Grubb Knight Frank's executive managing director Robert Emden, senior managing director Drew Nelson and managing director Troy Coady represented Stratus Technologies in the deal.

Saracen Properties and Artemis Real Estate Partners acquired the note and earlier this year foreclosed on the former Clock Tower Plaza property, C&W's McDonald says.

“Ownership is thrilled Stratus shares our vision for Mill & Main,” says Saracen Properties principal Travis Powell. “Their commitment to stay in Maynard and relocate to our project is a big part of the transformation process.”

The repositioning of Mill & Main will transition the property into a mixed-use destination with ground-floor retail, communal spaces, a riverside boardwalk and a future brew pub.

“This lease is a notable achievement for the Mill & Main project and ownership team,” says C&W's. McDonald. “It serves as a significant endorsement of the market viability of the revitalization of Mill & Main, which is only in its infancy.”

Bob Laufer, CFO of Stratus Technologies says of the deal for its new corporate headquarters, “We are very happy to be moving our corporate headquarters to Mill & Main and remaining in Maynard where we have been for the past 17 years. We really wanted to limit the impact relocation would have on our employees and were fortunate to find such a great space so close to our current office.”

McDonald adds that discussions on the lease at Mill & Main began in March and the deal closed in late June.