Boston – Newmark Grubb Knight Frank (NGKF) announced that it has recently completed three lease transactions totaling 17,405 square feet at Watermill Center in Waltham, MA, on behalf of Intercontinental Real Estate Corporation (“Intercontinental”), the building’s landlord.
Over a 24-month period, NGKF has completed a total of 33,576 square feet of leases at Watermill Center, bringing the property’s occupancy to 97 percent.
Built in 1984, Watermill Center is a premier six-story, 209,459-square-foot, Class A office building set on a seven-acre campus overlooking the Charles River Basin and the Stony Brook Reservoir. The property is centrally located in Waltham, approximately ten miles west of downtown Boston in the Route 128 Central submarket. Intercontinental purchased Watermill Center in 2014 and has since invested significant capital into the building including a dramatically updated two-story lobby and renovated café space. In addition to these amenities, Watermill Center offers a fitness center, tenant conference room, dynamic indoor and outdoor common areas, covered parking and on-site property management.
“Since purchasing and upgrading Watermill Center, we have pulled tenants from Kendall Square, Wellesley and the Back Bay, reached 97 percent occupancy and achieved rent growth of more than 20 percent,” said Scott Kelly, regional director of asset management at Intercontinental.
The most recent 17,405 square feet of leases at Watermill Center were signed with Great Elm Capital Group, Inc., The Harvest Group of UBS Financial Services and IPVision, Inc. Great Elm Capital Group, Inc. leased 8,360 square feet and is relocating from 200 Clarendon Street in Boston.
The Harvest Group of UBS Financial Services, a six-person wealth management team, inked 6,444 square feet at Watermill Center. The firm relocated from 55 William Street (Wellesley Office Park) in Wellesley, Massachusetts. Additionally, IPVision, Inc., a patent and technology analysis and consulting firm, signed a lease of 2,601 square feet and relocated from 139 Main Street in Cambridge, Massachusetts. The NGKF team comprised of Mark Roth, Matt Malatesta, Brendan Daly and Blake McLaughlin, represented Intercontinental Real Estate in the lease negotiations.
“Watermill Center is the closest office building to the Intersection of the Mass Pike and Route 128. In a full employment economy with busy roads, tenants are placing a higher value on the ease of access to their work places,” said NGKF’s Roth.