Hot End to 2011!

Usually it is pretty quiet the last week of the year – but not 2011!

We had a terrific meeting on Tuesday to review a build-to-suit site in along Rt. 128. Here we are working  with a national franchise operator and a local future franchisee that needs about one acre to meet their new building requirement. We met with a colleague of ours with whom we have previously worked on construction projects for Eastman Kodak (90,000 sq ft) at the former Wang Towers in Lowell, Eastman Software (107,000 sq ft) on Concord Road in Billerica, and PhotonEx (150,000 sq ft.) in Maynard, MA. They are a pro outfit and this meeting could lead to another build-to-suit project.

We are negotiating daily with a tenant considering office space at 1087 Beacon Street in Newton – and this one has an unusual twist – where the tenant will be building out the entire suite – in return for a somewhat lower than market lease rate. This potential transaction will benefit both parties in that the tenant will be able to control the construction process and the Landlord will be relieved of the responsibility to build-out the space. A meeting of the minds could result in a very long term lease commitment to the office space.

In other activity, a co-operating broker – PointLine, Inc. – out of Tampa Florida continues to work with us on one of their national clients – PSS – in S.E. Massachusetts. Another co-operating broker – Hunt Corporate Services is finishing up a lease deal with their client PNC Mortgage in Burlington. In both of these instances we are utilizing our national contacts to facilitate and support lease transactions in the Boston market area. Up in New Hampshire we continue to work this week with one of the most professional brokers in the business – Mike Monks of Monks, Inc. He is helping us locate and secure space for our long term client in Canton, MA. Our client is reviewing space plans, HVAC and electrical
specs, and maps at a site review meeting later today for a R&D and office leasing  requirement in the Hudson-Nashua market area.

Interest is also picking up at 209 Burlington Road, in Bedford. This is one of our long term listing commitments (sold building in the early 1990’s). A new tenant prospect is looking to lease up to 5,000 sq ft. of office space, and they have requested a floor plan design, incorporating their requirement into a new buildout office space layout.

We will be working on this with the Landlord’s support team over the next few days. In addition, a small CPA firm is confirmed for a tour of office space at this building for later today – as strong end of year leasing activity for our projects continues!

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