360 Networks decided that Lynn, which is on the North Shore, would house its terminus for its $650-million transatlantic cable that connects to Ireland and Nova Scotia. "They were looking for an offshore location that was close to Boston," DeVeau explains. "We expedited the permitting process and made them feel welcome." The cable is expected to be ready this spring.

CT-based Asset Channels will be constructing its North-South cable here shortly, which will run from Boston to Miami. "It will provide capacity for the entire East Coast," notes DeVeau. This cable will be running right by locally based Shore.net, one of the area's largest Internet service providers and the impetus for the creation of the Cyber District here ten years ago. The cable provided iPrimus with the incentive to buy the company for $43 million.

Until recently, the Cyber District was renovated industrial and retail space Downtown here occupied by a small cluster of telecommunications companies. But the appeal of an Internet service provider and the close proximity and high speed of the cable, as well as the low cost of rent here, convinced Web designers, network designers and other Internet service providers to locate their businesses here, including Verizon, which has a switching facility in the Downtown area. "Anyone with a need for fiber-optic capacity will be interested in locating here," says DeVeau.

Three years ago, Oasis Development Enterprises bought three square blocks Downtown and renovated and rewired the buildings creating 13,000 sf of high tech space. The buildings were just completed this past summer and Oasis has plans to create an additional 60,000 sf of high tech space. Pennsylvania-based SAGA Information Systems reportedly leased 10,000 sf here as its first Boston-area office. The old Norelco building here has also been renovated and connected to the fiber-optic cable. The building, called the Clocktower project, is currently 80% leased.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.