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5 Wall St. Picks Up 75,495-SF Lease

BURLINGTON, MA-The first green class A building here--5 Wall St.--is signing One Communications as their lead tenant for the structure, due to open this fall.

By Ryan Clark | Updated on August 20, 2008

BURLINGTON, MA-One Communications–a privately-held competitive local exchange carrier–is taking 75,495 sf in the under-construction 5 Wall St., here. The company is the first tenant in this six-story project, committing to a 10-year lease. The cost of the lease was not disclosed, but the building is leasing in the mid-$30s gross, according to Grubb & Ellis.

One Communications is taking the top two floors in the 182,000-sf building, among other concessions they were able to illicit from Gutierrez, including high-visibility signage on the building and the securing of additional on-site parking. The tenant was represented by managing principal Jim Thomson, EVP and principal Mike Ippolito and managing director Brian Carcaterra from Newmark Knight Frank. The owner was represented by EVP Jack Kerrigan, SVP Steve Cook and adviser Mark Norton from Grubb & Ellis.

The owner, Gutierrez, has a very good relationship with the town of Burlington,” Jack Kerrigan, EVP of Grubb & Ellis, tells GlobeSt.com, “and, more importantly, had excess land, so were able to create extra parking.” Kerrigan explains that other amenities were “very important” to them as well, including covered parking and a large cafeteria and fitness room on the first floor. The size of these spaces was particularly important Kerrigan explains, noting that “this is a regional consolidation.”

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