BILLERICA, MA-A six-figure leasing requirement seems to haveshifted focus here, but the change could have a zero sum impact onboth the landlord and the Interstate 495 North office market.Whereas biotech services firm Parexel had been targeting 2Executive Dr. in Chelmsford, sources say the company is now eyeinga deal at 2 Federal St., a 100,000-sf building located in theFields office complex in Billerica, also part of I-495 North.

Parexel had supposedly been close to striking a lease at 2Executive Dr. before targeting Billerica, but owner RREEF Fundswould still benefit given that the firm also owns 2 Federal St. Thesituation exemplifies RREEF's ubiquity in the I-495 office market,with the real estate investment arm of Deutsche Bank owningproperties in several communities, including the Crosby CorporateCenter in Bedford. The Fields complex was acquired in 2005 as partof a large portfolio purchased from Boston Capital InstitutionalAdvisors, with 2 Federal St.'s price valued at $9.3 million.

Calls to 2 Federal St.'s brokers at Cushman & Wakefield werenot returned, while Parexel agent Brian McKenzie of Richards BarryJoyce & Partners also did not respond to inquiries. Industrysources, however, insist that a deal could be inked at theBillerica property over the near term. “Their focus is clearly nowon 2 Federal St.,” one source familiar with the negotiations tellsGlobeSt.com, although that industry professional and others couldnot explain why Parexel has turned in that direction. A betterrental rate might be one reason, several speculated, with some alsonoting that 2 Federal St. offers quick access to other Parexeloffices in Waltham and Lowell.