Search
 

Medtronic Consolidates With 138,000-SF Lease

DANVERS, MA-In one of the year's largest transactions north of Boston, Medtronic Inc. is leasing 137,712 sf at 35 and 37A Cherry Hill Dr. The international medical equipment company is consolidating its operations into the two single-story buildings, which are part of the 500,000-sf Cherry Hill Park.

By Naomi Grossman | Updated on May 25, 2004

DANVERS, MA-Medtronic, Inc. is leasing 137,712 sf at 35 and 37A Cherry Hill Dr. The international medical equipment company is consolidating its operations into the two single-story buildings, which are part of the 500,000-sf Cherry Hill Park.

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.

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

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.