In that transaction, NEXX Systems took the remaining space in the park's Building No. 6. The tenant, which designs and manufactures products for the semi-conductor industry, was represented in negotiations by Michael Dalton, a principal at the Boston office of DTZ FHO Partners. Micah, David, and James Stubblebine of the Stubblebine Co. negotiated the lease for the landlord.
DTZ FHO also participated in the other two Billerica leases, assisting Newport Corp. in renewing its commitment for nearly 38,000 sf at 101 Billerica Ave. The multi-building park is owned by KS Partners LLC. A publicly traded company listed on Nasdaq, Newport Corp. is a broad-based technology firm serving the aerospace, defense, life sciences and microelectronics industries. CB Richard Ellis FVPs Hunter Emerson and Jason Levendusky were brokers for KS Partners.
Levendusky assisted the owner of 14 Progress Rd. in the other Billerica lease, with the broker joined by CB Richard Ellis principal David Connolly in orchestrating a 14,000-sf expansion by Insulet Corp. A medical device company focused on the diabetes field, Insulet was represented by DTZ FHO. The building is owned by Colony Realty Partners LLC.
"We had a busy summer," Dalton says in reviewing the spate of lease consummations. According to Dalton, the deals underscore significant organic growth in the Route 3 corridor, offering a positive trend for a market where vacancies soared into the 30% range after the technology sector was decimated in mid-2001. "It is great to see for Massachusetts," says Dalton, who credits the activity to both the improved economy and a desire by tenants to get ahead of potential rent increases anticipated by the rising demand. Communities such as Bedford, Billerica and Burlington have enjoyed a robust stretch of leasing deals in the past few months, and Dalton says he anticipates that velocity will continue through the end of the year.
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