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WOBURN, MA-A consumer health services company is the latest group committing to 78 Dragon Ct., a four-story, 75,000-sf office building being converted to a multi-tenanted address. Neighborhood Diabetes is occupying more than 20% of the space in the building, or just over 17,000 sf. The move from Wakefield was mandated to accommodate an expanding operation.

“We are pleased to have Neighborhood Diabetes as one of our tenants,” says landlord Vince O’Neill, president of VinCo Properties. The Boston-based real estate investment firm acquired 78 Dragon Ct. in late 2006 a for $4.1 million and launched a capital campaign to entice tenants to the 27-year-old building, which previously served as the headquarters for W.R. Grace Co.

Neighborhood Diabetes has grown to 80 employees and is preparing to hire another 20 more, explains the firm’s chairman, Tim Cronin, who says 78 Dragon Ct. compared most favorably among the options available from the recent space search. “We are enthusiastic about the aesthetics of the building,” relays Cronin. Serving diabetes patients by visiting their homes directly, the company’s staff will benefit from being at the confluence of Interstates 93 and 95, adds Cronin. “We can’t think of a better location,” especially when combined with an above average parking ratio. Founded in 1998, Neighborhood Diabetes now serves about 20,000 patients in southern New England.

Both the tenant and the landlord were represented by Meredith & Grew SVP Matt Daniels. Helicon Design Group was retained to provide the architectural layout for Neighborhood Diabetes.

The lease is one of several signed in recent months at 78 Dragon Ct., activity mimicking a busy summer along the Route 128 Northwest corridor and north along I-93. The office submarket of 21.0 million sf has posted 1.9 million sf of net absorption year-to-date, according to third quarter figures compiled by Meredith & Grew. More than 900,000 sf of that total was consumed in Q3, helping drop the vacancy rate to 16%.

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