Wyeth Leases 49,000 SF at Ballardvale Office Park

WILMINGTON, MA-A repositioned commercial development here has landed a key tenant, with pharmaceutical giant Wyeth Inc. committing to more than 49,000 sf at the Ballardvale Office Park in a lease renewal and expansion. The four-building complex is owned by a partnership of AEW Capital Management and Griffith Properties LLC.

“The park offers a first-class environment, which is attractive to companies of all sizes,” broker Brian McKenzie of Richards Barry Joyce & Partners says in explaining reasons he believes Wyeth chose to stay at BOP after reviewing various nearby options. A generous amenity package, visibility to Interstate 93 and direct access to that roadway and nearby I-95 and I-495 are other attributes, says McKenzie, whose firm is exclusive leasing agent for the park.

Griffith initially secured ownership of two buildings in 2004, buying them in partnership with the Praedium Group before an opportunity came up to acquire two adjacent properties. When Praedium hesitated to pursue the second investment, AEW agreed to replace the capital source and create the office park, which now features 550,000 sf of first class suburban space. Several million dollars have been spent to unify the buildings and to upgrade aesthetics and mechanical systems.