Greg Smith, with JRT Realty Group of New York, tells GlobeSt.com that the pre-built office concept, a new product in the Boston market. The model has proven to be a winner with companies eager to move into offices quickly without waiting for the space to be built out.
"We're doing something brand new in that marketplace and that's pre-building space," says Smith. He notes that the concept appears to be winning favor with small businesses in Boston's suburbs.
Among the takers is Pacific Life Insurance Company, which leased 3,534 sf at the Needham Corporate Center at 160 Gould St. in Needham and CTX Mortgage Corporation, which leased 4,634 sf at Batterymarch Park II, located at One Pinehill Dr. in Quincy.
Also inking deals for more traditional office space was the legal firm of Crowe Paradis & Albren, which took 12,338 sf at 500 Edgewater Dr., and Xvvision enterprise Solutions Inc., a global content and document management company, which took 18,680 sf for its headquarters at 101 Edgewater Dr. Both leases were in Wakefield.
Terms of the leases were not disclosed, but Smith said similar office space in suburban Boston generally leases in the mid-$20 per sf range gross. All four properties are owned by TIAA-CREF, a financial services firm based in Charlotte, NC. The four transactions were handled for the landlord by JRT Realty Group and Cushman & Wakefield's Boston office.
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