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SOUTHBOROUGH, MA-A 375,000-sf industrial building used by Verizon and its telecommunications predecessors for decades is under agreement to a local firm said to have ambitious redevelopment plans for the 52-acre site. Southborough Partners LLC beat out several competitors for the property at 325 Turnpike Rd., according to sources.

“I know it’s them,” one industry professional tells GlobeSt.com about a group led by veteran Boston real estate broker William Zielinski. Now a senior vice president at Meredith & Grew in Boston, where he has been since 1990, Zielinski anticipates building as much as 600,000 sf of high-end office space at the Southborough property, according to the source, who maintains the concept will be well-received by the tenant community. “It’s a fantastic location,” the source says. “I think they will do extremely well.” The parcel sits along Route 9 near with quick access to both Interstate 495 and the Massachusetts Turnpike.

Observers say Verizon is expected to remain at 325 Turnpike Rd. for a limited period, most likely through a sale-leaseback arrangement. Verizon has used the facility chiefly for warehousing of equipment and supplies.

The complex was marketed by CB Richard Ellis/New England on behalf of the sellers. Calls to brokers and Zielinski were not returned by deadline.

As of last week, the due diligence process was continuing, sources relayed, but Southborough Partners LLC reportedly will be wrapping up that review in the near term, possibly as soon as this week. It is unclear when a closing would occur.

Southborough is part of suburban Boston’s MetroWest region, an area with waves of new construction of office and flex space since the 1980s. Once dominated by the computer industry, MetroWest has been through a series of ups and downs since the likes of Digital Equipment Corp. and Prime Computer roamed the marketplace prior to their demise. The region was particularly hard hit by a subsequent technology bust that began in 2001, with vacancies soaring past 30%, but the recovering economy has again bolstered prospects now that rents closer to Downtown Boston are soaring. The core suburban office market in Waltham, for example, is now achieving deals well into the $40 per sf range. As a result, Jones Lang LaSalle puts the office vacancy rate for 12 million sf in MetroWest at 13.1%, third best among seven submarkets tracked by the firm.

Given the silence from the parties involved, it is unclear how advanced the redevelopment plan by Southborough Partners is at present, but a source close to the situation claims the principals are intent on getting the proposal before local and state officials on a fast-track schedule. “It’s very real,” the source says of the venture. “They want to get it going.”

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