Tuesday, March 20, 2012
NEW BOSTON FUND SECURES 65,000-SQUARE-FOOT LEASE AT NEW ENGLAND BUSINESS CENTER
Physical Sciences renews office and lab space in Andover, Mass.
BOSTON — (March 20, 2012) — New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today that it has completed a 65,000-square-foot lease renewal to longstanding tenant, Physical Sciences Inc., at New England Business Center located in Andover, Mass. Physical Sciences Inc. occupies 100 percent of Building 20 which consists of approximately 49,000 square feet of Class-A office space and 16,000 square feet of laboratory space.
"We are thrilled that Physical Sciences has decided to renew its lease at New England Business Center," said Gary Hofstetter, Northeast Regional Director, New Boston Fund. "New England Business Center is an excellent asset in our Northeast portfolio, as evidenced by the high occupancy level we have reached in this challenging submarket."
The three-story building at 20 New England Business Center Drive is one of four buildings encompassing New England Business Center, a 244,058-square-foot Class-A office park with a mixture of office and R&D space. With the renewal of Physical Sciences' lease, New England Business Center (NEBC) is now 88 percent leased.
New Boston is currently completing extensive upgrades and improvements to the building that includes the re-construction of the parking lot, rooftop HVAC units, upgraded common areas façade changes and mechanical upgrades.
Cassidy Turley FHO Senior Managing Director, Principal Michael Dalton handled the assignment on behalf of Physical Sciences. CB Richard Ellis First Vice President Kerry Olson Hawkins and Executive Vice President/Partner Andrew Majewski represented New Boston.
New England Business Center is strategically located just off of River Road (exit 45 off Route 93), along the Merrimack River and is minutes away from the intersection of I-93 and I-495. Other notable tenants include Northwestern Mutual, New York Life Insurance Company, Research In Motion (RIM), Vanasse & Associates, Inc. and Little Sprouts Daycare.
New Boston purchased New England Business Center in December of 2005 as part of New Boston Fund VI. New Boston Fund does not disclose leasing prices.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.4 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns. www.newbostonfund.com
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