Kronos Offers 111,000-SF Building for Sublease

CHELMSFORD, MA-There is a bit of unwanted deja vu for landlords in the Interstate 495 North office submarket, but tenants are expected to react favorably to a turnkey sublease opportunity being introduced by Kronos Inc. A major employer in the area that has operations in five locations, Kronos no longer has need for 300 Billerica Rd., a two-story, 111,000-sf building just off Route 3 at Exit 29.

“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.