Zygo purchased the building in December 2000 for $4.3 million, then spent another $14 million developing clean room space, upgrading the electrical and HVAC systems, and making other infrastructure improvements. They were then forced to sell the asset at a loss due to the failing lab space market, according to Zygo CEO Bruce Robinson, and entered into an agreement with Campanelli after receiving little interest in the asset.
According to a report published by Cushman & Wakefield, the Interstate 495 West high-tech industrial market posted a 23.4% vacancy rate for the fourth quarter of 2004, with an average rent of about $9 per sf. But with the low price paid for the asset, Brian McKenzie, partner at Richards Barry Joyce and Partners, thinks the facility will do well on the market. "We expect to realize high levels of interest, particularly as the market picks up."
Built in 1978, the facility consists of 30,000 sf of office space and 86,000 sf of lab/R&D/manufacturing space. Mckenzie, John Lashar and Paul Leone of RBJ represented Zygo and RBJ will draw the leasing assignment for the property.
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