Monday, November 04, 2013
NEW BOSTON FUND LEASES 97,000 SQUARE FEET AT WATERMILL CENTER
Global Partners LP renews lease and expands footprint; BlueSnap and Fireman Capital Partners join existing tenants
BOSTON – (November 4, 2013) - New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today that it has leased 72,714 square feet to Global Partners LP, a publicly traded Fortune 200 company and leader in the midstream logistics and marketing of energy products; 17,565 square feet to Fireman Capital Partners, a private equity investment firm; and 7,491 square feet to BlueSnap, a global payment service provider, for a total of 97,770 square feet of Class-A office space at Watermill Center in Waltham, Mass.
Constructed in 1984, Watermill Center is a six-story, 206,634-square-foot, Class-A office building. Situated in a beautifully landscaped environment, the property includes a full-service cafeteria and 703 parking spaces, 286 of which are located in an adjacent three-level parking deck. Fireman Capital Partners and BlueSnap join other notable tenants, including Steinway Musical Instruments and Kahn, Litwin, Renza & Co., Ltd. one of New England’s premier accounting and business consulting firms.
“Watermill Center has always been a premier building in Boston’s top suburban office market,” said Paul Stuart, Vice President at New Boston Fund. “We are very pleased with the substantial amount of interest we have received from potential tenants across the marketplace as a result of our recent upgrades and improvements to this Class-A asset.”
Watermill Center is centrally located in the Waltham suburban market, just 10 miles west of downtown Boston in the Route 128 Central submarket. Waltham sits at the heart of Boston’s technology corridor and is the region’s strongest suburban market.
In late 2012, New Boston spent three months completing extensive upgrades and improvements to enhance the building’s entrance and modernize the main lobby. The substantial work included window mullion painting, carpet replacement and new wall covering, as well as exterior plaza pavers and landscaping upgrades. New Boston also installed a new revolving door, floor tile, decorative accent lighting and a cutting edge electronic building directory.
New Boston was represented by Duncan Gratton, Senior Managing Director, Principal, and Kate McGovern, an Associate at Cassidy Turley, in these transactions. David Campbell, Senior Managing Director, Principal, and Ryan Romano, Assistant Vice President at Cassidy Turley, represented Global Partners LP. In addition, Blue Snap and Fireman Capital Partners were represented by Cassidy Turley’s Senior Managing Director, Principal John Boyle.
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 $3.5 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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