"It's a nice deal for the market," Richards Barry Joyce & Partners vice president Ron Friedman tells GlobeSt.com after he and RBJ principal Jon Varholak brokered the 10-year pact on behalf of the Gutierrez Cos., the building's developer, owner and a tenant. Among suburban Boston's most prolific commercial builders, Gutierrez is headquartered on the fifth floor. Zoran will lease all of the third and most of the fourth floors when it relocates from across Route 128 later this year.
RBJ also was involved on behalf of Zoran, as principal Brian McKenzie and vice president James Lipscomb represented their interests. Friedman and Varholak, meanwhile, have completed several other transactions at One Wall St. during the last six months. Largely vacant when the campaign began, less than 25,000 sf remains today, estimates Friedman, who credits Gutierrez for making the necessary capital investment and improving amenities. Gutierrez even lured a high-end catering firm from a nearby retail plaza to give tenants in-house food service.
"They are well-known in Burlington, and it's great to have them so [accessible]," says Friedman of the caterer, Servizio.
The more adventurous tenant need only cross the street to find another bonus, says Friedman, that being a new lifestyle center called Wayside Commons that features upscale restaurants and shops. That just-completed project, Friedman relayed, has been a "big attraction" for prospective tenants.
Given the extensive vacancy at One Wall St. and troubles in Burlington overall since 2001, Friedman says he is encouraged by the spurt of activity, with new requirements beginning to materialize throughout the northern Route 128 sector. Other deals reported by GlobeSt.com in the past month at One Wall St. include Openwave Systems leasing 37,000 sf and Nuance committing to the penthouse floor, which has 29,000 sf.
"There's still some work to do on the remaining space, but to be able to do those three deals in such a quick timeframe was really exciting," says Friedman. On the flip side, Zoran's current landlord at 10 Presidential Way in Woburn will now have to fill a gap estimated at 70,000 sf.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
