New Lab Developments Along 128
Hobbs Brook Office Park: 225 Wyman Street, Waltham
Hobbs Brook Management LLC has demolished one of the buildings in its 13-building office park just off I-95. In its place at 225 Wyman Street, a new 507,000 SF office/lab building is being constructed. This new space will be over 350,000 SF larger than the previously standing 142,626 SF building. The building will have a suite of amenities including a fitness center, cafeteria and conference center and is designed for LEED silver certification. Upon delivery in 2021, the new 225 Wyman Street will be the largest free-standing life sciences building on Rt. 128. Rental rates are expected to fall around the mid-high $50’s/SF NNN.
828 Winter Street, Waltham
King Street Properties purchased 830 Winter Street in July 2015. The 182,000 SF class-A lab building is currently 86% leased. Looking to add to the success of the project, in 2016 King Street Properties began constructing the building’s extension: 828 Winter Street. This expansion project was completed in July 2018 and consists of 145,000 SF Class-A lab space over three stories. The campus now features a central courtyard, two café options and other amenities. 828 Winter Street currently has several interested prospects and is available for mid $50’s/SF NNN.
The Gauge Waltham: 152 Grove Street, Waltham
Hilco Redevelopment Partners bought this 1941 industrial manufacturing complex back in 2015 and has since put it through some very transformative renovations that wrapped up in 2018. The space measures 134,010 SF on 8.2 acres and features abundant outdoor common area space, a fitness center, and striking brick and beam construction. All utilities, HVAC, roof, landscaping and parking were overhauled and updated during the construction process. With Panasonic and Humatics already filling two of the spaces, the availability currently sits at 92,651 SF of flexible, lab-focused space that can be built out to the tenant’s specifications. The available space features three loading docks and ceilings as tall as 27 feet.
Founders Park, Needham
Normandy Realty is transforming an existing industrial park on 41 acres of land (which was once home to General Dynamics) into a revitalized walkable campus including 1,150,000 SF of office space, 256 hotel rooms, 19,000 SF of retail space and 390 multi-family apartment units. The first company to move into the new park was Trip Advisor, whose built-to-suit headquarters is six stories, 281,000 SF, and LEED Gold certified. Subsequently, a 247,542 headquarters for SharkNinja, an apartment building, and two hotels have opened in the park. The next delivery is set to be a 165,000 SF Media Center for NBCUniversal in the Fall of 2019. At least three other build-to-suit opportunities remain available.
