Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOWELL, MA-Cross Point Towers is closing in on 100% occupancy with two long-term lease renewals from JP Morgan Chase and Bitwave Semiconductor. The companies are following national trends by hanging onto their current spaces, which combined totals roughly 80,000 square feet in the trophy towers, here, bringing the occupancy to around 88%.

JP Morgan is renewing its 11th floor digs in both towers, holding onto 59,876 square feet. JP repped itself in the transaction. Bitwave, meanwhile, took a long-view look at its 20,190 square feet on the floor seven in Tower 3. The fabless semiconductor company was repped by Parsons Commercial Group.

Two additional leases for Verizon–63,540 square feet– and Cass Information Systems, Inc.–17,500 square feet–which were both leased over the summer, help keep the towers close to filled with only 145,000 square feet still available. CB Richard Ellis and CresaPartners, respectively, represented each company.

“One of the interesting impacts of these leases is the potential statement being made to the market by a fairly diversified group of large companies,” says John Wilson, partner of Richard Barry Joyce & Partners, in a statement. “I’ve got a hunch that, given their completely independent decisions to remain in place and commit long term, there may be other firms who have been evaluating their locations who my choose on the same strategy. Instead of making no decision, they might see this as [a] sign of confidence that it’s time [to] go long term instead of year to year.”

Cross Point Towers is a three-tower office complex totaling 1.2 million square feet at 900 Chelmsford Rd. near Interstate 495 and Route 3. The price per square foot was undisclosed, but the average price per square foot, according to Cushman & Wakefield’s market report is $20.10.

In a now all-too-common scenario, Cross Point Towers was on the verge of selling for an estimated $180 million in February of 2008 to Davis Marcus, until the deal fell through. The property is owned by a partnership between San Diego-based Yale Properties and San Francisco-based DivcoWest. The JV was represented in the leases by Richards Barry Joyce & Partners, which is the exclusive leasing agent for Cross Point.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.