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MARLBORO, MA-Leases signed by an insurance company, a medical device firm and a manufacturer of electronic instruments has put three tenants in 43,217 sf of space at Solomon Pond Park in Marlborough, filling the business park's more than 500,000 sf to above the 80% occupancy mark.
The largest of the leases was signed by ShibaSoku R&D Center, which provides manufacturing, marketing and support for electronic devices. The firm, previously located in Burlington, will move into 16,625 at 450 Donald Lynch Blvd. once tenant upgrades are completed, Ogden Hunnewell, president of Nordic Properties, tells GlobeSt.com.
Signing a new lease on 10,679 sf in the same building was Creganna Medical Devices, a manufacturer headquartered in Ireland. Rounding out the three-lease deal was Acadia Insurance, a regional property casualty insurer, which signed a lease renewal on 15,913 sf of space at 290 Donald Lynch Blvd.
Terms of the leases were not disclosed but Hunnewell says space in the park leases for between $12 and $24 gross. The three lease deals are a significant indicator of improving market conditions, particularly in areas near thriving retail districts, like Solomon Pond Park, says Hunnewell.
"The pattern we're seeing is that mixed-use environments with retail nearby continue to be one of the real attractions," he notes. "Areas that have it are doing exceptionally well."
Landlord BGI Holdings, a partnership between Nordic Properties, of Burlington, and The Bristol Group of California, was represented in the transaction by John Lashar, Brian McKenzie and Paul Leone, all with Richards Barry Joyce & Partners' Boston office. The three brokers worked on the deal with Hunnewell as well as Al McNiff and Patrick O'Neill of Nordblom Management Company. Representing ShibaSoku was Bill Sullivan of R.W. Holmes Realty Co., of Natick, MA. Acadia Insurance was represented by Brooks Murphy of The Staubach Company of Boston, while Creganna was represented by Greg Hoffmeister of T3 Advisors of Waltham.
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