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WOBURN, MA-Campanelli Companies and Richards Barry Joyce & Partners LLC will redevelop and expand Presidential Woods Corporate Center to a 166,000-sf office and laboratory facility. The development plan will add a 62,000-sf, three-story building to the current two-story, 104,000-sf space–which was obtained by a joint-venture of Campanelli Companies and Commonfund Realty in 2007.

The original building will undergo a renovation and be connected to the new structure by a two-and-one-half-story lobby with a glass-enclosed atrium. The amenities will include a full-service cafeteria, a fitness facility and a 3.5 per 1000-sf parking ratio. The property is zoned for additional parking structures if necessary. The construction and renovation is projected to finish by the end of 2009, and the companies are looking for a tenant to fill the space by the 4Q of 2009 or 1Q of 2010. RBJ is the exclusive leasing agent for the property.

“Our goal is to create the 128 North market’s premier office and laboratory facility,” said Peter Brown, director of leasing at Campanelli Companies in a prepared statement. The PWCC, located just off the I-93 by the intersection of I-95, has been pre-certified as a LEED silver building. The specific environmentally-friendly aspects of the new facility could not be obtained by GlobeSt.com by deadline.

The PWCC expansion is piling onto the already 2.1-million sf of construction already underway in the suburban Boston submarket, according to Q1 numbers by Cushman and Wakefield. With all the new construction creating availabilities, the 128 North submarket posted a negative absorption of 48,317 sf for the first quarter, according to research by Cushman and Wakefield. It does not appear to be indicative of a lack of demand in a slow, but healthy Boston market and a limited suburban laboratory market. Representatives from Campanelli Companies and RBJ could not be reached for comment by GlobeSt.com before deadline.

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