WALTHAM, MA-United Healthcare Group will combine two of its divisions into 70,000 sf of office space at 950 Winter St. in the Bay Colony Corporate Center. United will become an anchor tenant at the site.

John Boyle of Trammell Crow Co tells GlobeSt.com that the firm’s Ovations and Ingenix divisions will relocate approximately 340 employees from their current offices here and in Newton into the 263,000-sf building under a 10 year lease. The relocation will add about 20,000 sf to the firm’s offices.

Boyle says the move centralized many of United Healthcare’s local operations but it was an aggressive lease deal by owner Beacon Capital Partners that solidified the deal. “Beacon Capital truly attacked the deal and provided a win-win situation for both the landlord and tenant.”

Terms of the lease, which were negotiated for the tenant by Boyle and Erin Solem, also with The Trammell Crow, were not disclosed. Rents in the corporate park are in the mid-$30-per-sf range with lease rates reaching $36 per sf for locations offering a waterview of the Cambridge Reservoir, which abuts the property, a source familiar with the office park tells GlobeSt.com.

The property, part of a four-building, 970,000-sf corporate center that is nearly 95% occupied, is set on a 58-acre campus. Tenants include personal financial advisors Ameriprise Financial, the investment group Polaris Ventures and law firm WilmerHale LLP.

The lease was negotiated for the owner by Mark Roth and Ty Janney, both with Cushman & Wakefield’s Boston office. In December, Fresenius Medical Care North America signed one of the largest deals in the area when it agreed to take 205,000 sf at 920 Winter St. Other large deals include a 10-year lease signed in September 2005 by the international publishing group Wolters Kluwer USA for 56,430 sf at Stonybrook Office Park and a December 2004 lease signed by Oasis Semiconductor for 83,000 sf at the Weston Corporate Center.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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.

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.