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A Compendium of Property & Capital News
Jan 26
A Compendium of Property & Capital News

Middlesex Green Deals Bring Paradigm Office Park to 90 Percent Full Via AYoung

September 17, 2019 — By Joe Clements
Middlesex Green, 575 Virginia Road, Concord MA

CONCORD—These are banner days at Middlesex Green, the four-building, 222,000-sf office park re-energized by Paradigm Properties which is following up on a busy spring and summer on the leasing front with its largest commitment to date and other deals nearing conclusion. The momentum is headlined in a signed pact for nearly 25,800 sf by Chenega Corp., a 4,000-sf deal could be inked this week and another requirement of 16,800 sf which has brought a letter of intent. Avison Young is leasing agent for Middlesex Green while CBRE advised Chenega Corp., an Alaskan firm active in the government contracting sector with a new space requirement.

“That is a monumental deal around here,” AY principal John T. “Jack” Kerrigan Jr. tells Real Reporter in confirming Chenega has agreed to take the entire third floor of 3 Middlesex Green. Should the other two negotiations lead to signings, it will bring the complex above 90 percent occupancy and amount to 151,000 sf in leasing volume involving two dozen tenants since Avison Young embarked on its assignment almost two years ago, other team members being Senior VP Tom Aitken, Associate Chris Adams and Senior Account Manager Anne M. Flanagan.

The CBRE leasing team includes Charles Carroccio, Ronald Friedman, Christopher Mullen and Perry Beal. The Chenega lease is a three-year agreement; financial details were not provided.

“We are encouraged by all of the interest,” says Kerrigan, with the latest activity from firms who did consider other venues. The veteran suburban leasing expert credits Middlesex Green’s winning results to Paradigm-inspired amenities such as New Leaf Cafe—“an outstanding cafeteria,” he observes—its free fitness center utilizing the popular Wellness virtual studio, and a first-class environment featuring the laid-back setting despite being an estimated six-minute drive from Route 128.

“It’s quiet and quaint, but very accessible,” says Kerrigan, recalling favored tenant reactions to those elements, especially given the range of amenities available at the park such as on-site mobile car repair, bike rentals, community gardens and recreational offerings, with disc golf and basketball on the list.

Flanagan further explains there are only two locations in Concord that can accommodate a tenant needing 15,000 sf or more of space, the other being 300 Baker Ave. which is presently owned by Novaya. If the trend at Middlesex Green continues, that figure could dwindle down to the latter property given that 90 percent occupancy would leave only about 22,000 sf remaining at Middlesex Green. Perhaps to no one’s surprise, “we have strong activity on the remaining space,” Kerrigan reports.

“We’re happy,” Paradigm principal Jon Caldwell says regarding the steady stream of companies arriving at Middlesex Green. The complex had struggled prior to Paradigm’s purchase in July 2014, with the asset at 561 Virginia Rd. saddled by an overhang of the 2008 recession, a debt dilemma for the prior owner and having the buildings dominated by single-users. “It was a little bit off the radar screen,” Caldwell recounts, yet Paradigm determined the location and setting could result in a turnaround when combined with salient amenities and updated facilities.

“We always felt if we could get people out there and help them understand you are only five minutes from Route 128, we could gain some traction and that would build more momentum, and that is what has been happening,” Caldwell relays, adding, “We are very encouraged by where we are at right now.”

The two deals pending include one for 16,788 sf and the other is about 4,000 sf. Names of the prospects were not provided. Financial aspects were also not detailed, but Caldwell says asking rents at Middlesex Green are running in the high $20’s per sf versus high $30’s and even into the mid-$40s for Route 128 locations. “It’s quite a difference,” Caldwell says in pointing to cost savings as another attraction at Middlesex Green.

Chris Adams Anne M. Flanagan Thomas Aitken John T. Kerrigan Jr. Ron Friedman Chris Mullen Perry Beal Charles Carroccio