The office/R&D complex sits on 33 landscaped acres and is located on Route 2, just outside of West Concord Center. It was purchased by Spear Street from SSR Realty Advisors in early October for $39 million.
The complex is currently 95% leased, but several tenants have leases that will expire in the near future. Those include Avaya, a communications company which leases 133,000 sf, and Thermoretec, which leases approximately 90,000 sf. Avaya's lease runs out in May and Thermotec's expires in several years.
The leasing will be handled by Trammell Crow principal John Boyle, Keith Gurtler, senior vice president, and Deborah Howerton, senior associate. The property management efforts will be led by Deborah McGee, vice president, and Lori Cronin, senior property manager.
The acquisition marked the first asset procured by Spear Street in the Boston market. "We've been looking at opportunities created by the fall-off in the technology market," says John Grassi, president, "and we've been active in a lot of technology markets in the country, San Francisco, Seattle and now Boston." The building was originally designed and developed by GenRad in 1952 and expanded in phases through 1980.
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