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WILMINGTON, MA-General Eastern Industries, a subsidiary of GE Industrial Systems, is leasing 58,345 sf at 500 Research Dr. The company, which specializes in humidity control devices, is relocating from a smaller space in Woburn, MA.

The one-story 108,842-sf flex building is the largest property in this office park, which is located off Ballardvale Road near Route 93. Other tenants include Dynamic Research, which leases 25% of the building.

Jim Thomson, Rich Ruggiero and Bill Baker of Cushman & Wakefield represented Wakefield Materials Corp., the building’s owner. Torin Taylor of Insignia/ESG represented General Eastern.

According to Ruggiero, this was a “good-sized deal, considering the market.” Ruggiero tells GlobeSt.com that this market, Route 495 North, has been very slow recently. He points out that the transaction, which was a seven-year lease at $10.25 per sf, was a market-rate deal but two years ago space in the park was going for $14 to $15 per sf.

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