Boston— Newmark Knight Frank announced that it has recently completed a 79,129-square-foot lease to Doble Engineering Company at 123 Felton Street in Marlborough, MA.
NKF represented both the property owner, 123 Felton Street LLC, and the tenant in the transaction.
Doble Engineering Company (Doble) signed the lease following NKF’s strategic analysis of suitable, local options for the company’s new headquarters. The firm needed a new space after the 2018 sale of its prior headquarters location at 85 Walnut Street in Watertown, Massachusetts, which NKF’s Capital Markets team arranged.
123 Felton Street is a single-story, 72,129-squre-foot office building located directly off of Route 20 in Marlborough. A converted warehouse facility, the building provides an incredibly unique combination of first-class office space, superior window line, and the flexibility for lab, R&D or other uses that require higher ceiling heights.
Additionally, 123 Felton’s Route 20 location provides swift access to Route 495 and the Mass Pike as well as the major retail project just completed at Apex Center in Marlborough. NKF closely advised ownership in developing a leasing strategy to capitalize on all of the building’s superior attributes in order to ensure the optimal result for the property.
Founded in 1920, Doble Engineering Company is a leader in power grid diagnostic solutions. Doble serves customers around the globe and its companies and product lines include Manta Test Systems, Morgan Schaffer, Vanguard Instruments, and Xtensible Solutions. Doble is part of the Utility Solutions Group of ESCO Technologies Inc. (NYSE: ESE).
After conducting a thorough market search, Doble ultimately selected 123 Felton Street due to its single-story nature and ability to accommodate Doble’s need for first-class space with the flexibility for multiple R&D uses under one roof. NKF Executive Managing Directors J.R. McDonald and Matt Pullen, along with Senior Managing Director Dan Krysiak, represented Doble in the transaction, while NKF Senior Managing Director Tyler McGrail represented ownership. Additionally, Doble and ownership will be expanding the building by approximately 7,000 square feet, bringing the total transaction to 79,129 square feet. Doble has engaged Visnick and Caulfield to provide architectural services and J. Calnan & Associates as their general contractor for the work to be completed at the facility.
“After a thorough search in the marketplace, it was clear that 123 Felton Street is well-served to accommodate Doble’s unique space needs,” said McDonald. “This was a significant transaction in the 495 West marketplace, as Doble is moving west to capitalized on the growing amenity base, easy highway access and centralized location.”
“It was a pleasure to work with ownership to develop a successful leasing strategy for 123 Felton Street and to secure a long-term tenancy for the building,” added Mcgrail. “It was clear how unique the building was in the marketplace and I give immense credit to Bill Kouchalakos and Paul Grant for being patient and executing on their vision for this first-class asset.
Doble plans to take occupancy of its new space in Q4 2019, once the build-out/expansion is complete.