BOSTON— Newmark Knight Frank (NKF) announced that it has recently completed a 110,684-square-foot long-term lease renewal to Nuvera Fuel Cells LLC at 129 Concord Road in Billerica, MA.
Nuvera Fuel Cells, a subsidiary of Hyster-Yale Group, Inc., is an alternative-power technology manufacturer of hydrogen supply and fuel cell power products. The firm located its headquarters within the 110,684-square-foot facility in Billerica in 2006 and approached NKF to assist with an early lease renewal.
“The market for Class A office and R&D properties was limited and Nuvera wanted to secure a long-term solution for its current and future requirements,” said Richard Ruggiero, executive managing director in NKF’s Boston office. “Working with ownership, we were able to negotiate favorable renewal terms which allow for a tenant improvement allowance and base building renovations, as well as expansion options to include both office and manufacturing space for potential future growth.”
Built in 1983, the two-story glass and masonry building underwent extensive renovations in 2001. The long-term lease negotiated on behalf of Nuvera will include roof and parking lot renovations, which are set to be completed this year. NGKF’s Executive Managing Directors Ruggiero, Matthew Adams, Torin Taylor, Senior Managing Director Rory Walsh and Brokerage Service Specialist Liz McNeill negotiated the lease renewal on behalf of Nuvera. Brian McKenzie of Transwestern represented ownership, KBS Realty Advisors.
