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MILFORD, MA-IKON Office Solutions Inc. and Victory Packaging LP have inked separate long-term sublease deals to fill 324,996 sf of space at a Milford distribution center. The new leases will bring occupancy to 100%.
The pair of leases at One Holmes Way, which stretch to 2015, was "really good fortune" for sub-landlord, Jarden Consumer Solutions which recently relocated much of its distribution operation to the west coast, J.R. McDonald, with Cushman & Wakefield's Boston office, tells GlobeSt.com. "For Jarden, to find two tenants to take all this space is really good fortune."
All but 40,000 sf of the building has been vacant for about 18 months while Jarden phased out operations, C&W's Kevin Hanna tells GlobeSt.com.
The separate sublease agreements evenly split the building between IKON, a copier and printer company, and Victory, a family-owned packaging business based in Houston. Under the terms of the agreement, IKON will take 162,497 sf, including 40,000 sf of office space. Victory will occupy 162,499 sf, which also includes 4,000 sf of office space. The remainder of the space will be used as distribution space by both companies.
Terms of the leases were not disclosed but McDonald says similar space in the Milford area generally leases in the $6-per-sf range.
A 90,000-sf office building on the 38-acre property also is being marketed for lease. Although rates for that building are negotiable, McDonald says the building's high-end finishes and the property's direct access to Route 495 should make for a quick lease up, he adds.
The two-building campus was built in 2000 as the headquarters for the Holmes Co., a manufacturer of small kitchen appliances, before the firm was bought out by Boca Raton, FL-based Jarden in 2005.
In addition to Hanna and McDonald, both tenants were also represented by C&W's Meghan Clark.
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