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ANDOVER, MA-Leasing has been spotty in many parts this spring, but that does not appear to be the case for the Brickstone Square complex here, as landlord Transwestern Investment Co. is signing deals totaling nearly 110,000 sf in eight recently completed agreements. The three-building business center contains one million sf of class A space in a campus setting alongside suburban Boston’s Interstate 93 North corridor.

“We’ve seen substantial activity at the park from existing tenants, but more importantly, from active prospects touring the market,” says Colliers Meredith & Grew senior vice president Matt Daniels, a member of Brickstone Square’s exclusive leasing team. Daniels and CMG assistant vice president Christopher Lawrence represented the Transwestern in the eight latest deals, and Daniels reports additional leases are pending.

Daniels says the park has benefited from $4 million spent on a capital improvements program that fixed common areas, upgraded park signage and built out floors on a speculative basis. Another competitive advantage has been Brickstone’s ability to accommodate future growth needs, explains Lawrence, as well as “an outstanding amenity package” that includes a 564-seat cafeteria, day care center, fitness facility and on-site property management. Accessibility has been another plus, he says, with Brickstone Square adjacent to the confluence of I-93 and I-495 and close to key roadways such as Routes 114, 125 and 133.

More than half of the space taken down in the eight just-completed deals is from a 57,000-sf renewal by Unicare. The tenant was represented by Jones Lang LaSalle VP Flory McCarthy. The next largest commitment is a renewal and expansion by law firm Devine, Millimet & Branch to more than 17,000 sf, while Helium Inc. expands to more than double its previous size in a lease of 9,000 sf.

Two new tenants were added in Constitution Capital’s lease for 7,000 sf, and nearly 6,000 sf secured by Capsule Technologies. Lincoln Property Co. VP Gian Starita was agent for Constitution Capital and T3 Realty Advisors director Mark Cote advised Capsule Technologies. The remaining three deals totaled more than 10,000 sf, with Spirit Foodservice Products renewing for nearly 5,000 sf; Standard Capital Corp. taking just under 4,000 sf; and OneVision Software AG renewing for 2,500 sf.

The stabilization of nearly 110,000 sf in early 2008 follows a busy 2007 at Brickstone. Among other highlights, Transwestern lured a well-known women’s shoe company, backed by Berkshire Hathaway, to relocate its headquarters from New Hampshire and also recruited temporary workspace giant Regus for nearly 20,000 sf at 300 Brickstone Sq., as previously reported by GlobeSt.com. Chicago-based Transwestern has been repositioning the complex since acquiring it just over two years ago from its lender, Lehman Brothers, for $77 million. The firm has invested in more than 390 properties across the United States for a value of $7.3 billion through its sponsored funds. The 21.3 million sf is primarily focused on office product, but the portfolio also has substantial industrial, multifamily and retail assets.

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