NORWOOD, MA-Campanelli Co. and Commonfund Realty Inc. have formed a joint venture and are developing One Upland Rd. The estimated development cost for the property is roughly $40 million, according to Grubb & Ellis Co. The project will create 200,000 sf of class A office as the third building in the Upland Woods Corporate Center.

The four-floor building is being partially leased to online publisher Tech Target. The company is taking 113,000 sf on each level ranging from 2,500 sf to 85,000 sf in a 10-year lease. The remaining space is available to other renters or eventually to Tech Target for expansion, according to Grubb & Ellis, which is representing the building owner, Campanelli. The value of the lease was not disclosed, but according to Cushman & Wakefield of Massachusetts Inc.’s Q2 numbers, class A office space in the 128 South submarket averages $24.64 per sf.

“Upland Woods Corporate Center provided the right combination of economics and expansion options to accommodate Tech Target’s future growth,” James Elcock, executive vice president of Colliers Meredith & Grew, says in a statement. “The new headquarters will serve its employees well with terrific highway access and solid amenity base within the campus setting as well as help attract future employees.”

The IT publisher is moving from its Needham, MA offices in January 2010, just after the project delivers. The building is being designed to meet LEED certification and will be the third building in the 130-acre office complex.

The Upland Woods Corporate Center already has lured Aspect Medical and Universal Technical Institute to the 128 South submarket. Aspect recently moved its Newton, MA-based headquarters into 136,000 sf of newly renovated space that was formerly inhabited by Polaroid. Also, UTT purchased a separate 200,000-sf building within the complex.

Jack Kerrigan, Hank Amabile, Tarin Wilson, Lance Carlton and Anne Flannagan of Grubb & Ellis Co. represented Campanelli. James Elcock and Elias Demakes of Colliers Meredith & Grew represented the tenant, Tech Target.