"Having previously completed most of the site work and with fullbuilding permits issued, we are able to deliver this project veryquickly," says William D. Lawson, vice president of development forthe Texas-based real estate company. Erection of the steel frameshould begin by mid-November as the company attempts to capitalizeon the booming MetroWest office market.

Archon has hired Trammell Crow to provide both constructionmanagement and leasing services. Trammell Crow principal MarkClayton maintains that the property will be well-received, callingit among "the next generation of office projects" needed to meetthe demands of the modern economy. "The natural setting, easyaccess and central location, combined with room for expansion,amenities, fiber optics and single ownership of the development,makes the park exceptional for today's tenant," says Clayton.

Designed by Elkus Manfredi Architects, 900 West Park Drive willfeature an exterior of brick, pre-cast and glass, complementing theclassic design of the Westborough Office Park. The property islocated close to such major thoroughfares as Routes 9 and 495 andInterstate 90.Archon's decision to move ahead with the project isindicative of the rebound of construction activity in the suburbanBoston market. Although demand has been strong for several years,several speculative projects were stopped in their tracks in thesummer of 1998 when global economic fears chilled Wall Street'sinterest in funding such ventures. Only the skyrocketing officerental rate, which has seen suburban communities such asWestborough soar past $30 per sf, has convinced the lendingcommunity to return to the table.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.