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WILMINGTON, MA-A repositioned commercial development here has landed a key tenant, with pharmaceutical giant Wyeth Inc. committing to more than 49,000 sf at the Ballardvale Office Park in a lease renewal and expansion. The four-building complex is owned by a partnership of AEW Capital Management and Griffith Properties LLC.

“The park offers a first-class environment, which is attractive to companies of all sizes,” broker Brian McKenzie of Richards Barry Joyce & Partners says in explaining reasons he believes Wyeth chose to stay at BOP after reviewing various nearby options. A generous amenity package, visibility to Interstate 93 and direct access to that roadway and nearby I-95 and I-495 are other attributes, says McKenzie, whose firm is exclusive leasing agent for the park.

Griffith initially secured ownership of two buildings in 2004, buying them in partnership with the Praedium Group before an opportunity came up to acquire two adjacent properties. When Praedium hesitated to pursue the second investment, AEW agreed to replace the capital source and create the office park, which now features 550,000 sf of first class suburban space. Several million dollars have been spent to unify the buildings and to upgrade aesthetics and mechanical systems.

As part of the just-completed lease renewal, Wyeth will relocate from BOP’s Building Three to Building One, a 200,000-sf property closest to I-93. There is also a full-service cafeteria and large seating area featuring a wide-screen television and WiFi access, as well as a fitness facility and locker room. McKenzie and RBJ VP James Lipscomb handled negotiations for the landlord, while Wyeth was represented by RBJ principal John Wilson and Tom McCann, SVP, of the Garibaldi Group.

The Wyeth transaction is helping round out an active second quarter for the I-93 North office submarket, among the hardest hit during the regional recession as many tenants flocked to Route 128 or other locations close to Boston and the suburban core. Founded by Boston real estate veteran J. Brad Griffith, Boston-based Griffith Properties LLC was among the first firms to anticipate the recovering Massachusetts economy would lead to rental hikes in centralized markets and create a niche for communities on the fringe such as Wilmington.

Mid-year numbers are expected to begin pouring in later this week, but signs of life on I-93 North are already apparent, with several sizeable deals signed in recent weeks at the Brickstone Square Office Park in nearby Andover. Sources say BOP may also be close to announcing additional leases, but the Wyeth pact is the only one being publicly discussed thus far.

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