Wrapping up a fast-track project, Wellsford Commercial Properties has completed the redevelopment of 117 Kendrick St. here into a 212,000-sf office building. The effort has yielded strong interest in the value-added development, with WCPT also announcing a 30,000 sf lease to TechTarget.com.

“We are proud of the end result,” says Wellsford COO Thom Powers, who adds that the company finished the project below budget and ahead of schedule. The TechTarget deal brings what is being called Cutler Lake Corporate Center to 94% occupancy, with other tenants including MCK Communications and MarchFirst.

“Given the building’s efficient floor plan design, first class finishes and competitive rates, we are confident that it will be fully leased in the very near future,” says Powers, who commended Grubb & Ellis brokers Jack Kerrigan and Pat Christensen for their part in the TechTarget lease. James Elcock of Meredith & Grew represented the tenant.

Polaroid Corp had owned the Kendrick Street complex until WCPT acquired the building and 10 acres of land in late 1998 for $23.3 million. Upon Polaroid’s departure, the building was overhauled into the corporate center.

WCPT has redeveloped more than one million sf locally, with its current focus in Boston at two conjoined Financial District office buildings. That 132,000-sf restoration project at 3 Post Office Square is also nearing completion.

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