"This is a very unique opportunity," relays DTZ FHO Partners principal John Boyle, who has been retained by Kronos to find a taker. At its bargain-basement rate of $7 per sf and a term that lasts until late 2012, Boyle expresses confidence that the property will generate interest. "It's a beautiful building," says the broker, who is handling the assignment with colleagues Michael Dalton and Michael O'Leary.

Approximately $4 million has been spent upgrading 300 Billerica Rd., Boyle says, adding he expects tenants will be attracted by the quality furniture being left behind, a modern phone system and full-service cafeteria. The building also has a top-flight steward in Boston Properties, notes Boyle, who says the landlord has expressed interest in striking a longer-term lease with the eventual subtenant.

Boyle and officials at Kronos stress that the sublease of 300 Billerica Rd. is not a signal of distress for the company. In a statement, Kronos says that none of the buildings it occupies were being fully utilized. The consolidation down from 460,000 sf will better align the needs of its workforce, company officials explain, while Boyle says the pro-active approach allows the firm to take advantage of a favorable lease struck at 300 Billerica Rd. "Kronos continues to thrive," the firm says in the statement, pointing out that it is in an active hiring phase despite already being one of the largest employers in I-495 and among the five largest software developers in Massachusetts.