Principal Financial Group Relocates To Waltham Weston Corporate Center

WALTHAM, MA-Principal Financial Group is taking 9,181 sf at Waltham Weston Corporate Center in a deal that has the company relocating from its current offices at Lexington Office Park. Both office parks are owned by Boston Properties.

Tom Aitken of NAI Hunneman represented Principal Financial while John Boyle, David Campbell, and Brian Hines of Trammell Crow Company represented Boston Properties in the transaction.

The Waltham Weston Corporate Center is a 304,050 sf, six-story, class A office building located at the intersection of Routes 128 and 20. It was completed last January and among its lead tenants are Microsoft, which leases 52,000 sf, and Netegrity, which leases 54,000 sf.

Glenn Jensen, vice president of retirement and investor services at Principal Financial emphasizes that there “were a number of options available to us” but the company wanted to stay with Boston Properties.

The suburban market has been hit hard in the recent recession with vacancy rates hovering in the mid 20% range. Most local experts don’t see the market turning around in the near future.