FRAMINGHAM, MA – Calare Properties (Calare) has completed the purchase of 325 Foxborough Blvd., a modern two-story office building situated on 9.4 acres in Foxborough, MA.
With the acquisition of the 80,000 sq. ft. property, Calare has also secured a long-term tenant that will occupy the entire building. NECI, a solutions and services provider for industrial automation, data, and digital transformation, has committed to a 12-year lease at the property. Financial terms of the transaction were not disclosed.
“As part of our commercial real estate portfolio strategy, we analyze office properties very carefully and consider high quality, well-leased suburban office assets near population centers as potential targets. We are confident that 325 Foxborough Blvd. presents an ideal opportunity to provide long term value both to our investors and our new tenant,” said Todd Barclay, SVP of Acquisitions at Calare. “NECI will bring its corporate headquarters to this site, providing a space for its 400 employees to enjoy a campus-like setting, an array of on-site amenities, and a convenient location.
Located in the Foxborough Business Center Park, 325 Foxborough Blvd. offers a striking two-story foyer, fitness center with locker rooms, and full-service cafeteria, along with well-maintained outdoor space for employee use. The open floor plates, high ceilings, and open concept common areas provide the opportunity for customization and flexibility. Additionally, the site supports the option for an expansion of up to 40,000 sq. ft., providing even greater flexibility for the tenant.
In preparation for its move to the new world headquarters, NECI will be updating and re-designing the interior of the building to best support their employees and long-term business needs. Calare will also deliver a number of capital improvements as part of its investment strategy, including the addition of a new roof, enhancements to the HVAC system, and updated parking areas.
“The Calare property management and construction team is working closely with NECI to execute an impressive, contemporary build out of the interior space,” noted Erin Gannon, VP and head project manager at Calare. “The finished product will provide functional, modern space to support their growing business and reflect a longstanding commitment to their clients.”
NECI serves many industries such as life sciences, power, food & beverage, and chemical by providing automation and digital transformation solutions that address process and data integration challenges. The team of experts excel at collaborating with clients across the complex interplay of people, processes, devices, and technologies to deliver physical and digital solutions that secure assets, improve efficiency, and optimize resources.
325 Foxborough Blvd. is well-located within the Foxborough community, offering convenient access to local shops and dining, while also sitting just a half mile from I-95 and two miles from the interchange of I-95 and I-495. The property enjoys easy access to points throughout eastern Massachusetts and northern Rhode Island and is approximately 30 minutes from Boston and 20 minutes from Providence.