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ANDOVER, MA-A full-building, six-figure commitment here is helping launch the autumn office leasing season on an up note. Enterasys Networks Inc. has completed a space search throughout the Interstate 495 North market right back where it began, opting to do a direct deal for all 151,000 sf at 50 Minuteman Rd. A sublease arrangement that initially brought the IT security company to the property is nearing expiration, leading to the engagement of Cushman & Wakefield to explore options.

“They did consider alternatives, but in the end, it just made the most sense to stay put,” says C&W senior director Richard Ruggiero, part of the team assisting Enterasys in its evaluation. Not only were the financial terms and tenant fit out allowances sufficiently attractive, Ruggiero says Enterasys was pleased with the overall quality of 50 Minuteman Rd. and the Minuteman Park campus in which the property is situated.

“It’s definitely one of the best office parks around,” Ruggiero tells GlobeSt.com, as well as one of the most established addresses in the I-495 region. A former dairy farm, the 94-acre complex sits alongside Interstate 93, providing quick access to 954,000 sf in six first-class buildings. Landlord Brickstone Properties began developing the site in the 1970s, and founder Martin Spagat retains an ownership stake in addition to providing management services. Martin and Jeff Spagat represented the landlord in the lease negotiations with Enterasys. Joining Ruggiero on the tenant team were C&W senior directors Torin Taylor and David Pergola, director Matt Adams and associate director Rob Kinlin.

Besides the allure of the park itself, which features such multi-national tenants as NaviSite, Smith & Nephew, and Straumann Holding AG, 50 Minuteman Rd. also fits the needs of Enterasys, says Ruggiero. Completed in 1997, the three-story building has a multi-level atrium, terraced balconies and scenic views of a nearby pond. Parking was also essential, says Ruggiero, and the 13.7-acre parcel on which 50 Minuteman Rd. is situated accommodates 507 spots for a ratio of 3.3 spaces per 1,000 sf leased.

The Enterasys lease is one of the largest in suburban Boston this year, and Ruggiero says it appears the I-495 submarket may finally be on the mend after several difficult years. Technology, life sciences and defense-related firms are all generating demand, as evidenced by another lease C&W just completed nearby at 2 Technology Dr. in Andover. MKS Instruments committed to 36,000 sf in that transaction, one in which Ruggiero and Taylor represented the landlord, Rreef Real Estate and Michael Dalton of DTZ FHO Partners negotiated for the tenant. “There has been some good activity lately,” says Ruggiero, concurring that the Enterasys pact could help set the tone for a busy autumn. “Everybody is happy with it,” he says of the agreement, whose term runs for seven years.

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