Calare Properties Acquires 40,500 SF Office Building in Framingham

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FRAMINGHAM, MA – Calare Properties has acquired a centrally located boutique office property at 30 Speen Street in Framingham, MA. Totaling approximately 40,500 sq. ft., the five-story building sits on 2.5 acres in the highly desirable Natick/Framingham, exit 13 micro-market.

The asset benefits from direct highway frontage and signage along the Mass Pike (I-90), offering ideal corporate brand visibility (136,000 vehicles per day) in a thriving office market home to several blue-chip tenants. This prime location also provides easy access to multiple commuting routes, as well as an abundance of amenities for dining, shopping, and entertainment.

Delivered vacant following the move of a long-term owner/tenant, the well-maintained property features extensive parking and flexible space ideal for a wide range of users. Floor plates vary from 7,200 to 9,000 sq. ft. with adaptability to accommodate single and half-floor tenants, or a full building user. Calare will further enhance the asset through a capital improvement plan focused on cosmetic updates to the facade, exterior lighting, lobby, and interiors.

“30 Speen presents an ideal long-term investment opportunity that perfectly complements Calare’s strategy, targeting quality assets in high-demand markets with easy access to major highways,” said Bill Manley, CEO at Calare. “We anticipate tenants will also appreciate the unique attributes of this property, as already experienced during preview tours.”

Calare has partnered with CBRE for property leasing.

Framingham is located less than 20 miles west of Boston and 20 miles east of Worcester, in the heart of the Metro West region. The Metro West is home to the second largest employment base in Massachusetts with well-known tenants including TJX, Mathworks, Staples, Boston Scientific, and Bose. Ongoing demand and positive absorption in the region has driven a sub 11% vacancy rate in the Natick/Framingham Exit 13 market in 2018.