Boston – Colliers International Boston’s Southwest team recently signed three deals in Cabot Business Park’s 575 West Street and 20 Cabot Boulevard, Mansfield.
The increasingly tight 495 South submarket, which lost half-million-square-foot occupier, Covidien/Medtronic, just 18 months ago, has already backfilled the majority of that space and brought the market to a slim 12% vacancy rate following 343,000 SF of recent absorption.
The buildings’ leasing team of Senior Vice President Caleb Hudak, Vice President PJ Foster, and Associate John Real, in combination with building ownership, attracted Foxborough transplant, Advantage Sales and Marketing, to a 45,000-square-foot office and flex/R&D space at 575 West Street. Their tenancy, combined with a 96,000-square-foot renewal by Samsonite, brings the building to 90% occupied.
At 20 Cabot Boulevard, Framatome has signed a lease for 23,000 SF of office and R&D space, bringing the building to over 70% occupied. With about 21,000 SF remaining and additional leasing in the works, ownership plans to add new amenities to 20 Cabot in 2019, including a common area kitchen/lounge area, fitness center and updated locker rooms. Such upgrades, combined with the buildings’ convenient CabotBusiness Park location at the intersection of I-495 and I-95, and close proximity to recently delivered retail amenities at Forbes Crossing and Mansfield Crossing, contribute to its overall allure in the southwest market.
“Two years ago, we were pretty concerned about how the market would react to and recover from the impending Covidien/Medtronic vacancy,” noted Foster, “but it only seems to have gained strength since losing that anchor tenant. At 20 Cabot, we now have proposals out on the entire remaining vacancy and are optimistic about finalizing leases with those tenants given the recent velocity and new amenity package underway.”
Cooperating with the Colliers International landlord representation team on the Advantage Sales and Marketing, Samsonite, and Framatome lease transactions were tenant representatives from JLL, CBRE and Cushman and Wakefield, respectively.