Hobbs Brook Moves on $90M Office Spec Plan

WALTHAM, MA-Signaling that the Central Route 128 office market is firmly entrenched in a full-fledged space race, Hobbs Brook Management has retained Boston architect Margulies & Associates to design a first-rate campus at 175 Wyman St. barely a month after acquiring the 27.5-acre property for $38.1 million. Sources estimate the 335,000-sf complex could be delivered within 24 months, possibly fetching rents not seen in suburban Boston since the regional recession took hold in 2002.

“We’re thrilled,” founder Marc Margulies tells GlobeSt.com shortly after hearing of his firm’s selection for a venture expected to cost around $90 million. “It’s a great project for us.” Already known for several high-profile architectural assignments in Boston, and familiar to HBM management through fit out work at the real estate company’s abutting Hobbs Brook Office Park, Margulies & Associates beat out a bevy of renowned competitors to get the nod. The difference included “a fresh approach,” corporate design expertise and demonstrated knowledge of sustainable development, says HBM first vice president Donald Oldmixon.

“Our intention is to build green,” explains Oldmixon, forecasting a facility capable of meeting the LEED standard. Margulies embraces sustainability, having just assisted Blue Cross & Blue Shield of Massachusetts in developing one new sustainable building and renovating another facility. The firm is also designing an eight-story residential/retail building in South Boston under the green mantra.