Joe Sciolla and Marilyn Rubbico of Cresa Partners Boston represented Medtronic in the transaction, which is one of the year's largest north of Boston. Bill Bush represented property owner, the Flatley Co. The deal involves a lease renewal of 60,000 sf at 37A Cherry Hill Dr. and a new lease of 77,712 sf at 35 Cherry Hill Dr. Lease rates for this deal were not available, but the average asking rent for office space in the area is about $18 per sf.

Medtronic, based in Minnesota, will consolidate its office, lab and manufacturing operations in the two adjacent buildings. It is expanding and relocating from nearby Cummings Center, where its lease for 100,000 sf is expiring.

According to Sciolla and Rubbico, Medtronic reviewed many prospective sites on the North Shore and Route 93 North before choosing Cherry Hill Park. Sciolla notes that Cherry Hill presented the best solution for Medtronic's need to bring together its corporate functions in a choice location that has a highly regarded landlord. Sciolla and Rubbico add that Medtronic was able to leverage the still-tenant-friendly office market in negotiating a favorable deal.