BOSTON – Transwestern Consulting Group (TCG) announced that it represented New York Life Real Estate Investors in two lease renewals totaling 122,578 square feet at 14 Aegean Drive in Methuen, MA. TCG Partners John Lashar, John Wilson and James Lipscomb represented building ownership in the leases with Crown Holdings Inc. and Hologic Inc.
Constructed in 2001, 14 Aegean Drive is a 234,000-square-foot, high-bay warehouse building featuring 30-foot clear heights and ESFR sprinklers. The building is fully occupied by four tenants. TCG provides leasing and property management services for the building.
“One of the few modern, high-bay warehouse buildings in the region, 14 Aegean Drive completely satisfies modern shipping and distribution requirements,” said Lipscomb. “New York Life displayed terrific foresight in purchasing this asset several years ago in what’s become a space-constrained industrial market along Interstate 495 North.”
Crown Holdings, a leading supplier of packaging products to consumer marketing companies around the world, renewed its lease for 85,000 square feet and was represented by Mark Reardon and Carl Gersbach of CBRE. Hologic, a leading global healthcare and diagnostics company, renewed its lease for 37,578 square feet and was represented internally.
According to research from Transwestern, the I-495 North submarket had 3.3 million square feet of high-bay warehouse space with 4.3 percent vacancy at the close of third quarter 2017.