May Institute Inks 50,000-SF HQ Lease

RANDOLPH, MA-Providing a boost for the South Shore office submarket, the May Institute is leasing nearly 50,000 sf at 14 Pacella Park Dr. The former headquarters of Dunkin Donuts is a two-story brick building owned by Equity Industrial.

“It’s a great fit for them,” Cushman & Wakefield senior director J.P. Plunkett tells GlobeSt.com of the full-building agreement, a deal he negotiated for the May Institute along with C&W senior director Catherine Minnerly and associate Jason Bryer. Needham-based Equity Industrial represented itself in the transaction.

C&W had assisted the May Institute three years earlier in the leasing of a larger property at 41 Pacella Park Dr. That 80,000-sf building, owned by Atlantic Management Corp. of Framingham, houses both office space and a school, and the newest deal allows May to grow the latter function through leasing of 14 Pacella Park Dr. for administrative needs. “It’s a significant expansion for them,” Plunkett says. The tenant is slated to occupy the structure in the first quarter of 2008.