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MARLBOROUGH, MA-Two new tenants have taken leases totaling 17,978 sf at a Marlborough business park. The leases push up occupancy to 60% at the 34 St. Martin Dr. property.
Banner Door Corp., a distributor of overhead doors, will take for 9,308 sf in the single-story building, while Preston Productions signed on to occupy 8,670 sf. Both leases were for five years, Paul Leone, with Richards Barry Joyce & Partners, tells GlobeSt.com. Both firms moved into the property several weeks ago.
Leone says Preston Productions selected the 201,360-sf building, located in the 495 Tech Center West, because it offered a good level of office finish along with production and warehouse space it needs for its communications and event planning firm. Banner Door, he adds, also found the building to be "a good fit" for its office and warehouse operation. Terms of both leases were not disclosed, but lease rates for the property range from $6.75 to $7.75 per sf triple net, he says.
The transaction was handled for the landlord, Rreef North America, by Leone and John Lashar, also with Richards Barry Joyce & Partners, in conjunction with David Crane, vice president at Rreef North America. Lashar and Leone also represented Preston Productions in the negotiations. Banner Door was represented by Eric O'Brien of O'Brien Commercial Properties of Berlin.
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