BOSTON– National Development/Charles River Realty Investors has finalized the purchase of 20 Cabot Road in Medford, MA from Citizens Bank.
20 Cabot Road, built in 1987, is a 116,490 SF office building on 8.3 acres located just a few minutes’ walk from the Orange Line’s Wellington Station. Simultaneously, National Development/Charles River executed a 10-year lease back to Citizens for 85,200 SF and will be working with Cushman & Wakefield to lease the remaining 31,290 SF to a new tenant or tenants.
The space is demisable and able to accommodate tenants needing 6,000 to 32,000 SF. National Development will be the property manager.
National Development/Charles River will make significant improvements to the building including an updated lobby and common areas, a new fitness center, landscape enhancements and updated signage. The property sits on the Malden River, adjacent to the Wellington Greenway, a two-mile path along the water that is used for running, biking and walking.
The Cabot Road area is seeing significant tenant interest particularly with tech tenants looking beyond the CBD and Cambridge area for more affordable, easily accessible office locations. The area is also drawing office tenants migrating from the suburbs that are seeking an urban, transit-orientated location in hopes of attracting young talent that lives and wants to work closer to the city. It was recently announced that Amazon is leasing approximately 50,000 SF at One Cabot Road.