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Case Study: Lincoln North

55 Old Bedford Road in Lincoln, MA (Lincoln North) was acquired by Real Capital Solutions in 2018 from Cranberry Hill Associates, who built the building in 1980.  R.W. Holmes was tasked with filling the 128,000 SF office park, which was only 50% occupied at the time of purchase.

The R.W. Holmes Process

Lincoln North had seen few upgrades since its creation 30+ years prior.  The building was outdated and over-priced for the current market, and many existing tenants were relocating upon lease expiration.  With Real Capital Solutions being based in Colorado, R.W. Holmes worked not only as the brokerage firm but also as the local project management team.

The R.W. Holmes team worked with ownership to:

  • Create a repositioning vision, budget, and action plan
  • Interview all existing tenants to determine top priorities for building improvements and keep all existing tenants in the building
  • Create a “phase in” schedule of common area upgrades to match ownership’s spending plan, starting with the most impactful upgrades to lock in several tenants before completing additional upgrades
  • Provide connections to local architects, construction teams, and furniture vendors that fit the ownership’s budget and timeline
  • Select building design to match the style of current and prospective tenants
  • Market the building to prospective tenants, current tenants, and cooperating brokers through traditional and creative methods

Results

Within 6 months, R.W. Holmes cut the building vacancy in half.  Most significantly, bringing in a 22,000 SF tenant for a 7-year term.  Additionally, R.W. Holmes assisted in the completion of the following work:

  • Oversight of improvements to the cafeteria, food service, and lobby – from design inception to contractor work to furniture delivery
  • Addition of new tenant amenities based on tenant interviews – such as a free shared bike program for the adjacent Minuteman Trail and grab-and-go food/coffee station
  • Creation of new marketing package including: new website, new branding and logo, addition of virtual tours through a partnership with Everyscape, prospective tenant gift boxes, and hosting community events
  • Analysis of market activity and breakdown of large spaces to match the current tenant in the market needs

Noteworthy Transactions

Albemarle Gardens, a 112-unit multifamily community in Newton, MA, sold for $29,550,000

Mattress Firm expands in Massachusetts with a 142,000 SF lease in Franklin

Boston Dynamics and SnapDragon Chemistry take 75,000 SF of lab/R&D space in Waltham Research Park 214,356 square feet making Waltham Research Park 100% leased

R.W. Holmes represents MathWorks in the $16.7M, 107,000 SF acquisition of Cochituate Place, Natick

R.W. Holmes takes 55% leased 130,000 SF Class A Office building to 95% leased at 55 Old Bedford Rd in Lincoln for owner Real Capital Solutions, Denver

R.W. Holmes fully leases a 67,000-square-foot new spec industrial building at 50 Ryan Drive, Raynham, before completion

R.W. Holmes represents The MathWorks in Los Angeles, Maryland, and Michigan expansions

Sold 2 & 3 Apple Hill, Natick for Met Life $50,000,000

R.W. Holmes Realty represents Coca-Cola in securing a new 90,000 SF building in Westborough

Sold 403 acres of land for Alstores Realty Corporation to Paramount Development (subsidiary Perini Corp.) which was developed as the Raynham Woods Commerce Center