Home > Press Releases > RBJ Brokers Six Leases At Westboro Executive Park

RBJ Brokers Six Leases At Westboro Executive Park

October 25, 2012 Leave a comment Go to comments

Leases Total 42,598 SF In Three-Building Office Park

BOSTON – October 25, 2012 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, announced today that it has brokered six leases totaling 42,598 square feet at Westboro Executive Park (Westborough, Mass.).

Richards Barry Joyce & Partners is the exclusive leasing agent for the park, which is owned by an institutional investor represented by Cornerstone Real Estate Advisers LLC.  The tenants are Federal Home Loan Bank of Boston, Orasys, RES/TITLE, Schiller, LLC, TransCanada Corporation, and USTA New England.

Westboro Executive Park consists of three buildings – 110, 112 and 114 Turnpike Road.  Each building has approximately 72,000 square feet of office space, for a total of 217,288 square feet.  The park has on-site management, a cafe, dry cleaning and a fitness center with shower facilities.  Located on Route 9 in Westborough, the park offers easy accessibility from the region’s major thoroughfares.

“Westboro Executive Park is an attractive location for a wide range of businesses – technology, finance, professional services – as is seen in this group of tenants,” said John Lashar, partner, Richards Barry Joyce & Partners.  “We’re pleased to see this level of activity in the park, particularly with the transactions spread across each of the three buildings.”

The exclusive leasing team for Westboro Executive Park includes RBJ’s John Lashar, Paul Leone and Samantha Hallowell.

Details of the six leases include:

TransCanada Corporation leased 20,081 square feet on the third floor of 110 Turnpike Road.  The new lease represents a consolidation of space from previous locations on the first and second floor, with an expansion of 1,170 square feet.  TransCanada, a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities, was represented by Lincoln Property Company.

Federal Home Loan Bank of Boston renewed its lease of 9,969 square feet on the third floor of 112 Turnpike Road.  FHLB provides member institutions with financial products and services that help build vibrant communities.  The tenant was represented by Colliers International.

USTA New England, a not-for-profit organization committed to promoting and developing the growth of tennis and increasing participation in the sport in New England, expanded its presence on the first floor of 110 Turnpike Road by 1,611 square feet to 5,249 square feet.  USTA was represented by McCall & Almy.

RES/TITLE, the largest, independent title and closing company headquartered in New England, expanded its presence on the second floor of 114 Turnpike Road by 810 square feet to 3,737 square feet.  The company was represented internally.

Orasys renewed its lease for 1,898 square feet on the second floor of 110 Turnpike Road.  Orasys, a consulting company providing Oracle® HCM (human capital management) solutions, was represented internally.

Schiller, LLC, one of the leading, global suppliers of automation and systems solutions, renewed its 1,664 square foot lease on the first floor of 112 Turnpike Road.  The company was represented internally.

About the Market – I-495 West Office Market
According to research by RBJ&P, the I-495 West submarket consists of 15,918,000 square feet of office space and was 18.0% vacant, as of the quarter ended September 30, 2012. (source: Richards Barry Joyce & Partners’ “officeSTATus – Fall 2012”)

About Cornerstone Real Estate Advisers LLC
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the world’s top ten largest real estate investment advisers*.  It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. Visit www.cornerstoneadvisers.com.

About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners’ unique platform offers a full range of real estate advisory services including market analysis, capital markets solutions, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com. Follow us on Twitter at @RBJ_Partners.

* Pensions & Investments 10/3/11

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