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NORTHBOROUGH, MA-Pharmaceutical and medical device supplier McKesson Medical-Surgical Inc. has signed a lease renewal and expansion for 154,744-sf of distribution space. The transaction gives the company an additional 26,158 sf and keeps it at its 55 Lyman St. location here for another five years.
McKesson, a division of San Francisco-based McKesson Corp., previously occupied 128,586 sf in the 260,561-sf property where it has been a tenant since 2004, according to Paul Leone, with Richards Barry Joyce & Partners.
Leone says the deal was important for both McKesson, which wanted to expand without relocating, and landlord Bailard Lyman Street LLC, which wanted to keep a large and credit-worthy tenant.
"At the end of the day, it was a win-win for both groups," he says.
Terms of the lease were not disclosed but Leone says asking rates for the building's remaining 48,918-sf of vacant space is about $6.50 per sf triple net. The single-story distribution building with 32-foot clearance is also home to Federal Express.
Leone, along with John Lashar, also with Richards Barry Joyce and Partners, handled the deal for the landlord while the tenant was represented by Jay Sholl, with Trammell Crow Co.
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