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NASHUA, NH-In a coup for the southern New Hampshire office market, Progress Software has opted to renew its lease at Indian Head Plaza. The technology company committed to more than 27,000 sf in the seven-story 111,000-sf building, which is owned by Aegean Capital LLC.

Since taking over control of the asset at 30 Temple St. last year, Aegean Capital has undertaken an extensive capital improvements program, reports Costa Alexakos, president of the real estate investment firm. The effort included upgrades to the exterior and landscaping, as well as an overhaul of the interiors and building common areas. “Our plan when acquiring this property was to restore it to its initial glory,” says Alexakos, adding he believes Indian Head Plaza “is once again Nashua’s premiere downtown business address.”

Other pluses that have been able to lure and retain tenants include a number of nearby restaurants and retail options, says Alexakos, and proximity to such operations as the Nashua District Court, Hillsboro County Superior Court, the Hillsboro County Registry of Deeds and two medical facilities, St. Joseph’s Hospital and the Southern New Hampshire Medical Center. Those entities are attractive to legal and medical-related tenants. Technology tenants benefit from a solid infrastructure in the building, he relays, with three fiber-optics systems giving an extra level of redundant capability.

Terms of the lease renewal with Progress Software were not revealed. According to one document, space in the 24-year-old building is being offered at prices between $16.50 and $17 per sf, near the top of the market. Aegean Capital was represented in lease negotiations on the Progress pact by Thomas Farrelly of Cushman & Wakefield. Wayne Spiegel of NAI Hunneman Commercial Co. acted on behalf of the tenant.

Based in New York City with a regional office in Peabody, MA, Aegean Capital now owns and manages more than 750,000 sf of office and retail properties in Connecticut, Massachusetts and New Hampshire. The holdings include 268 Summer St. in Boston’s Fort Point Channel, while GlobeSt.com previously reported that Aegean Capital is in talks to acquire another office building located across the street, 285 Summer St.

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