Instron is beginning a renovation of the new location which is situated on 48 acres. The redevelopment involves a 24,000-sf addition to the facility. The company anticipates moving in April 2005 from its current headquarters in Canton.
Michael R. Frisoli, partner at Richards Barry Joyce & Partners, represented Instron. The property owner, CFRI University Avenue LLC, was represented by Austin Smith of Lincoln Property Co. CFRI University Avenue is a joint venture of Cabot, Cabot & Forbes and Wilton, CT-based Commonfund Realty Inc.
Steve Martindale, senior vice president and chief financial officer for Instron, notes that, "By being able to renovate and customize the new location, we have the opportunity to create a new, state-of-the-art headquarters." The new location is four miles from the company's current facility which Martindale says was part of its appeal so that disruption to the current workforce is minimized.
Frisoli says that a transaction of this size is a "positive occurrence for commercial real estate in the Route 128 South market." According Richards Barry Joyce & Partners 2004 Mid Year Review & Forecast, the Route 128 South submarket currently has 15.5% vacancy. The average-asking rent for office space in the area is approximately $18 per sf.
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