Sluggish Market Prevents Project From Getting Off the Ground

MARLBOROUGH, MA-The project is fully permitted, the plans are ready, but without a tenant, the Gutierrez Co. can’t go ahead with its construction of a 600,000-sf office park.

The park will be located on a 47-acre parcel that is part of the 562 acres Burlington-based Gutierrez purchased from the Metropolitan Life Insurance Co. last fall here and in neighboring Northborough. But according to Dan Clarey, project manager for the company, there has not been any “strong interest” in the property. “We are actively marketing the property,” he tells GlobeSt.com. The problem is there are a number of large spaces available in this area, including 3Com, with 1.2 million sf of space and 500,000 sf of that already on the ground. 3Com is across the street from Gutierrez’s planned office park.