Both firms, which have occupied the single-tenant properties since the mid-1990s, signed on to stay at the property for another 10 years, solidifying their locations in one of Danver's top commercial locations, Jerome Kyllingstad, a vice president at National Development, tells GlobeSt.com. The buildings are owned by Cherry Hill Corporate Center LLC, a joint venture between National Development and Principal Real Estate Investors LLC.
Terms of the lease were not disclosed but office property in the Route 128 north market generally rent in the mid-$20-per-sf range, according to market studies.
Kyllingstad says both companies opted to stay in their present locations at 54 and 71 Cherry Hill Dr. because the properties were well located, convenient for employees and offered a favorable business climate.
Lease negotiations were handled for the tenant by Greg Klemmer, of Klemmer & Associates, Petaluma, CA. Michael Dalton, with Trammell Crow Co.'s Boston office, represented the landlord.
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