BOSTON– Lincoln Property Company Boston announced that it has recently completed three lease transactions totaling more than 27,000 square feet at 293 Boston Post Road in Marlborough, MA.
The LPC Suburban team of Tim Latham, Senior Vice President; Chris Devaux, Vice President; and Carolyn Molloy, Senior Associate, represented the landlord, Realty Financial Partners (RFP), on all transactions.
“We were pleased to represent ownership and secure these new leases which bring the building occupancy up to 81%. In the ten years RFP has owned the asset, our weighted occupancy level over that period had been 86%, however do to some tenants downsizing and vacating, we found ourselves with more vacancy than we desired,” said Latham.
“RFP did a great job of recently upgrading the fitness center, on-site food service, and common areas. The investment has clearly paid off, as evidenced by these new lease transactions. We’d like to thank each of the tenant’s and their respective brokers for their help in finalizing these transactions.”
Valeritas, Inc., will occupy a total of 15,171 RSF, consisting of 10,203 square feet of office space on the third floor and 4,968 square feet in the lower level which they plan to convert to R&D/Lab space. Valeritas is a commercial-stage medical technology company, focused on developing technologies to treat patients with Type 2 diabetes. The tenant was represented by Paul Leone of Cushman & Wakefield.
Koman Government Solutions, LLC signed a 5,404 RSF lease on the first floor of the building. KOMAN Government Solutions, which provides high quality remediation, consulting, engineering, waste management and construction services, was represented by Craig Johnston of RW Holmes Realty Co., Inc.
The Prudential Insurance Company of America, Inc. signed for 6,841 RSF of office space. The tenant was represented by Alison Powers of CBRE/New England.
Built in 1989, 293 Boston Post Road is a premier five-story, 178,697-square-foot office building ideally located directly off I-495 in Marlborough, MA. The property recently underwent $2 million in capital improvements including lobby renovations, an expansion/renovation of the on-site food-service, a renovation of the exercise facilities, and building mechanical systems. Additional building amenities include on-site day care and storage.
