SVN® | Parsons Commercial Group | Boston, in partnership with AIS Development, is pleased to announce the signing of two leases totaling approximately 70,000 square feet at 35 Parkwood Drive, Hopkinton, MA. After acquiring the unoccupied 160,000 square foot office and R&D property in late November of 2016, the partnership has begun an extensive renovation and marketing plan, breathing new life into the long-time vacant building.
The building, which formerly served as EMC’s headquarters in the late 90’s into the early 2000’s, has sat empty for over 10 years. Located in the Elmwood Business Park off directly off I-495 and just one exit south of the MassPike, the asset is drawing new tenants. “We are very excited to announce that we have secured the first two tenants, including Illinois Tool Works, a Fortune 500 company. We saw an opportunity to create value by purchasing the building at a low basis and quickly executing a cost-effective modernization plan with the goal of providing tenants a lower priced alternative in the market,” says John Parsons, CEO and Managing Director of SVN® | Parsons Commercial Group | Boston. “With rents ranging from the high teens to mid-twenties in the Boroughs submarket, we feel we are uniquely positioned to offer tenants a Class A facility at a significant discount,” he continued.
The common area renovations, which are scheduled to begin in the spring, include the transformation of the two main lobbies, the addition of a fitness center, and a LeanBox kiosk within the lounge area. “Our goal is to execute a renovation plan that meets the needs of today’s tenants,” says Andrew Sacher, President of AIS Development.
“The response we’ve received from the brokerage community has been overwhelmingly positive. We’d like to extend a special thanks to Colliers (Steve Woeful and Kevin Brawley) and Beacon Street Advisors (Hank Amabile and Mitch Jacoby) who did a phenomenal job assisting their tenants,” says Victor Galvani Vice President- Investment Sales of SVN® | Parsons Commercial Group | Boston, who is handling the leasing at the building. “Our goal is to make these transactions as smooth and easy as possible for everyone involved,” says Galvani, who looks forward to working with his colleagues to lease up the remaining 90,000 square feet. There are suites as small as 5,000 square feet and as large as 90,000 square feet remaining in the building.
Recently, Hopkinton has seen quite a bit of development at this I-495 exit which has brought much needed amenities within walking distance to the building. With the addition of the new 77,000 square foot retail center at the main intersection, the building now enjoys a variety of restaurants and shops right up the street.
For any leasing interest on the remaining space, please contact SVN® | Parsons Commercial Group | Boston at 508-820-2700.