BOSTON – On behalf of Calare Properties, JLL announced that the construction of 50 Nagog Park, a new Class A, 119,000-square-foot flexible industrial building, is set to begin on May 1, 2021.
The property will accommodate a variety of uses, including warehouse, manufacturing, flex/office, biopharma and cold storage. The building will provide up to 32-foot ceiling heights, ample parking, and 20 loading docks.
JLL Senior Vice President Sam Crossan, Managing Director Jamey Lipscomb, Senior Vice President Joe Fabiano and Managing Director Rob Walles are leading the leasing and marketing efforts for 50 Nagog Park.
Located in Acton, Massachusetts, the property has convenient access to Interstate 495 and Route 2 and is close to Boston, Worcester, Massachusetts, and Providence, Rhode Island. 50 Nagog Park is situated within the 120-arce master-planned Nagog Park campus with 750,000 square feet of commercial space, a 65,000-square-foot retail center and Avalon Bay, a 380-unit apartment complex. The property is centralized to a vast, highly skilled manufacturing/high tech workforce within the Boston suburbs.
“Market data shows a growing need for flexible industrial space that can accommodate a wide array of potential uses. Given both the diversity of Massachusetts economy, which includes strong players in life sciences, industrial, light manufacturing, and research and development, this property will fill an important need,” said Crossan. “The location provides excellent value for tenants, as well as regional access to New England’s regional hubs of commerce and industry.”
According to JLL research, tenant demand in Greater Boston has increased 62% year-over-year, from 5.9 million square feet. to 9.6 million square feet today. To date, growth in supply has not kept up with demand; as a result, available space has decreased 26% since Q1 2020 and vacancy has decreased 1.3 million square feet in the same time period.
The project is expected to break ground in May 2021, with steel framing complete by October and the building available for occupancy by January 2022. The building will be suitable for a single tenant or multiple tenants and will be designed to meet the needs of today’s contemporary users.