1075 Worcester Street in Natick, MA, was acquired by Exponent (Stock Name) to be developed into its East Coast headquarters. The 60,000 SF build-to-suit was bought as part of their real estate growth strategy, but was too large for their 10-year plan, leaving 30,000 SF available for tenants who would help rationalize the $25.5M cost of the new building.
The R.W. Holmes Process
R.W. Holmes worked with Exponent on the site selection and acquisition. R.W. Holmes then worked with Exponent on the inception of the building design, oversaw the town approvals process, and consulted on the building finishes to provide an efficient and unique space that Exponent and prospective tenants would love. Additional work included:
- Provide connections to local architects, construction teams, and furniture vendors that fit the ownership’s budget and timeline
- Advisory services on the design that would create one of the nicest properties in Natick, to attract prospective tenants to the building
- Manage the construction process as the local “boots on the ground” for leadership in California
- Determine market rents, best floor plans, and advise on the lease process for a first-time landlord
- Market the building to prospective tenants, current tenants, and cooperating brokers through traditional and creative methods
Results
Three months before completion of the building, R.W. Holmes has 1/3 of the available space under agreement. Additionally, R.W. Holmes assisted in the completion of the following work:
- Bringing several 10,000+ SF prospects to the building – most located along Central 128, something that is unseen in the current market
- Creation of tenant fit plans, buildout estimates, and lease administration for first-time landlord