This is a unique offering in Lowell where some very interesting office changes are taking place. The open house was held on the first floor of 110 Canal Street Another “rolling” open house with lunch being served to brokers along with a building tour of the available space.
The lunch was exceptional for events like these open houses – high quality salads were offered, beverages, sandwiches, and high quality deserts. Tables, chairs, dining in an open environment with greeters, name tags, space boards, brochures, during an open and airy sunny day.
First rate open house offered by CBRE and its first Vice President Kerry Olson Hawkins. And, the space on the top two floors of this building – already leased to the UMASS Lowell Inovation M2D2 Center was absolutely amazing to tour.
Tom O’Donnell, Director, Innovation Hub led me on a tour of space that I could hardly believe existed in Lowell. The top floor is built out and ready for occupancy for small start-up companies in the “sharred space” model. Entering the floor you are greeted with a reception desk – then walking thru the space you see a wide open ceiling with exposed HVAC ducting and cable trays for IT infrastructure, a wide open kitchenette, and multiple desks with power and internet connectivity with few columns, no fixed walls here, and high ceiling glass on the exterior letting in lots of natural light. Walking towards the rear you see along the exterior wall glass offices.
In the center of the space is “ready to operate” lab space tables and shelving. A life sciences start-up company could be up and running in hours here instead of weeks or months – all the lab space is already built out – including hoods and sinks in separate rooms. Wrapping around this 11,000 sq. ft. suite is an area for small companies to have 2 or 3 permanent desks – not shared with others – but still desks with a small drawer for private papers etc. In the hallways are low seating stools for joint collaborative conversations. There are also shared conference rooms and a large boardroom that can be reserved for presentations. Large and small telephone booths are available for private phone calls – built into the walls.
The next floor below – another 11,000 sq. ft. has more of the same with the addition of large rooms where a start-up company could actually build its product. The two floors have security card access only and are available to tenants 24×7, 365 days a year. Best of all – the portable desk open space with internet connectivity, access to the kitchenette, conference rooms, boardroom, lab areas, phone booths, etc leases for only $250 per month. The more permanent desk areas lease for $350 per month, and the exterior glass walled offices lease for only $1,400 per month can easily house 4 employees. Thanks to Tom for showing me this space!
Trinity Financial owns this building and when I spoke with Dan Drazen, the project manager, he told me that Trinity had recently finished a multifamily project Appleton Mills (130 loft units) next door to this building when they decided to buy and renovate 110 Canal Street. Trinity specializes in multi family re-development but also do other projects. Could this have been a two floor pre-lease? The university of Lowell and Mass Economic Development folks have improved this space at great cost to encourage start-up businesses and small businesses in the life sciences and technology sector. I believe this project will be a “home run” and a great project to revisit in a few months when start up operations commence.