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ANDOVER, MA-An affiliate of the famed Mayo Clinic is leasing 55,000 sf here at 160 Dascomb Rd., delivering a measure of stability to both the project and suburban Boston’s Interstate 93 North business corridor. Mayo Medical Laboratories is relocating from nearby Wilmington to the property Condyne and Greenstreet Real Estate Partners acquired in Dec. 2006 for $6.8 million.

Mayo’s 10-year commitment helps justify a plan to retrofit and expand the former Smith & Nephew building to 140,000 sf, a venture complicated by the property’s presence in both Andover and Tewksbury. Condyne President Jeffrey O’Neill acknowledges the dual citizenship of the asset required an extra layer of effort, but reports the initiative is finally cleared for take off. “Now we can really ramp up and get the improvements done,” says O’Neill, whose Quincy-based company is providing design/build services for the renovation through its Advantage Construction Inc. affiliate.

Besides the laboratory facilities being installed for Mayo, 160 Dascomb Rd. will offer a mix of flex, office and warehouse space, with the latter product featuring 28-foot clear heights. Not known as a warehouse market, I-93 tenants might be receptive to that option, relays O’Neill, who cites a location right off the highway as a strong suit of 160 Dascomb Rd. for all users. The building is also designed to compete for tenants seeking high-end flex space.

An experienced developer of industrial product, the bulk of Condyne’s holdings are in southeastern Massachusetts, but the firm also owns another Andover building plus a Littleton distribution facility that is also being expanded. Condyne has an office building in Bolton as well. The firm also has investments in multifamily and retail.

Mayo was represented in its lease negotiations at 160 Dascomb Rd. by Mark Carangelo of Equitable Real Estate Solutions, while Condyne was represented by Richard Ruggiero and Torin Taylor of Cushman & Wakefield and in-house by Michael McCarthy. Financial terms of the deal were not divulged. O’Neill says he is encouraged by the level of interest in the remaining space and in the diversity of the tenant base in the northern Massachusetts region. “You’re starting to see a lot of Cambridge companies look up there,” he says, opening up the possibility of increased demand for laboratory supply.

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