This open house featured 16,000 square feet of built out office space on the second floor of the building. The brokerage firm of Cushman and Wakefield of Massachusetts has been the broker agent for this property for some time.
Four years ago National Development purchased the entire Nagog Park to include 9 buildings and commenced renovations and upgrades in all the buildings. Over these years the available space was fully leased – primarily from local business tenants. This success in leasing lead to the decision to sell the properties – many of the buildings to local business and finally the last three buildings including 35 Nagog Park to GFI Partners.
Mike Frisoli, the lead broker for this assignment explained the offering and indicated that GFI would be very flexible in meeting any tenant office space requirements – short term or long term or temporary term. GFI is interested in keeping their new buildings fully leased to tenants. As a matter of fact, the space that we were touring at the open house is currently leased to a tenant paying rent – who would rather work a deal with GFI to be released from their lease commitment. For this reason GFI is in the position to offer a new deal on the space at a very aggressive rate to a new tenant. A “good by” kiss (release payment) would allow GFI to increase incentives for a new tenant.
Will Deshire who is with GFI was present and added that you can walk from this building to the retail shoping restaurants and stores at the Nagog Mall – providing a rich amenity environment for tenants to enjoy. Quoted lease rates were $16.50 gross; net of tenant electricity – a very cost effective office lease rate for tenants in this market. Also, a unique marketing tool was introduced during the building/space presentation – a drone fly-over presentation of the building – showing the building, parking, neighboring buildings and surrounding area – including Nagog Pond – from above. I expect that we will see many more commercial building fly-over marketing presentations at future broker open houses.