The former I-Park Office Park will undergo extensive redevelopment, demolishing 150,000 square feet, which includes two of the standing buildings, as well as defunct boiler and ice houses. This, along with the redevelopment, leaves CenterPoint with 500,000 square feet of office/lab. Currently, the park is roughly 39% occupied. Simpson Gumpertz & Heger have an 80,000-square-foot headquarters here, along with 30,000 square feet for Work-Out World; about 25,000 square feet for Repligen and a self-storage company which leases 57,000 square feet.

The property will boast 300,000 sf of available space once the two-story 42 Foundry Ave. comes onto the market in April 2009 with its 187,000 square feet. Currently, 113,000 square feet is available at 41 Seyon St.

"We're doing a gut-rehab of [43 Foundry Ave.]," explains Powell. "We're knocking out all the windows, all the building systems, [and] ripping down a building that's attached to it." The redevelopment will add clear story windows and the ceilings will be 30 feet high to accommodate lab facilities, if a client meets that need.