Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MARLBOROUGH, MA-A prominent office building here has landed a firm with international cache, as Scottish-based Optos agrees to take a full floor at 67 Forest St. The three-story, 65,000-sf property is owned by Realty Financial Partners of Wellesley.

Optos “needed more space to accommodate their internal growth,” explains Lincoln Property Co. broker Tim Latham, who negotiated the lease for the landlord along with Lincoln colleague Kevin Malloy. The commitment for nearly 27,000 sf on the third floor represents an increase of 17,000 sf to be occupied by Optos, says Latham, who declined to provide terms such as lease length or rates due to confidentiality agreements. Jack Kerrigan and Steve Cook of Grubb & Ellis represented the tenant, whose US headquarters is relocating from another Marlborough building.

Optos is among a cadre of tenants with requirements of 10,000 sf to 30,000 sf who have been driving activity in the Interstate 495 West submarket, says Latham. “There has been some good velocity over the past month or two,” he reports. Latham and Malloy are also exclusive agents for Realty Financial Partners on another Marlborough asset, 293 Boston Post Rd. Occupancy in that 180,000-sf building has spiked from 40% to 90% in the past 18 months, while 67 Forest St. is now two-thirds leased after being completely empty at the outset of 2007.

The I-495 West office submarket of 16.8 million sf had a solid year statistically, posting 504,000 sf of positive net absorption, according to year-end figures compiled by Richards Barry Joyce & Partners. The vacancy rate of 17.2% is slightly below the overall suburban rate of 17.8% and compares favorably to the 20.8% average for the entire I-495 belt of 33 million sf, the RBJ survey indicates.

Founded in 1994, Realty Financial Partners is a real estate investment firm focused on opportunities along the eastern seaboard. The firm purchased 67 Forest St. in April 2006 for $4.7 million after paying $17.6 million for 293 Boston Post Road a few months earlier.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.