Contact:
Carmen Hernandez
Vice President of Marketing
Richards Barry Joyce & Partners
press@rbjrealestate.com
617-439-6000
Richards Barry Joyce & Partners Brokers Corporate Headquarters Lease Expansion For Adnexus Therapeutics, Inc.
Biotechnology Company Expands To 30,070 SF At 100 Beaver Street, Waltham, MA
BOSTON – December 18, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it represented Adnexus Therapeutics, Inc. in the company’s headquarters lease expansion at 100 Beaver Street, Waltham, MA.
Adnexus, a biotechnology company that is focused on the discovery, development, and commercialization of a broadly applicable new protein therapeutic class called AdNectins™, is increasing its presence in the building by roughly 5,000 square feet. The company will now occupy a total of 30,070 square feet of office and R&D space.
“Adnexus is an emerging leader in new protein therapeutics, and its product pipeline continues to expand,” said Jonathan Varholak, partner, Richards Barry Joyce & Partners. “Their lease expansion will better enable them to meet their expected level of growth. Companies like Adnexus are driving the increased importance of Waltham as a location for biotechnology-related companies.”
Jonathan Varholak, Michael Frisoli and Ron Friedman of Richards Barry Joyce & Partners represented Adnexus Therapeutics in the transaction. The landlord, Alexandria Real Estate Equities, Inc., was represented by CB Richard Ellis.
About Adnexus Therapeutics, Inc.
Adnexus Therapeutics is focused on generating vital medicines through the discovery, development, and commercialization of its broadly applicable new therapeutic class, Adnectins. Adnexus’ lead product candidate, CT-322, is in Phase 1 clinical development in oncology in the United States. The company also has a pipeline of other Adnectin products in preclinical research across multiple therapeutic areas. Adnectins are designed and optimized using PROfusion, the company’s patented protein design engine that uniquely enables rapid optimization of protein therapeutics. The company is funded by four leading venture capital firms: Atlas Venture, Flagship Ventures, Polaris Venture Partners, and Venrock Associates. www.adnexustx.com
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 154,744 SF Lease On Behalf Of Bailard Lyman Street, LLC
Landlord Signs Lease With McKesson Medical-Surgical Inc. At 55 Lyman Street, Northborough, MA
Boston, MA – December 14, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, has announced that it represented Bailard Lyman Street, LLC in the landlord’s 154,744 square foot lease expansion and extension with McKesson Medical-Surgical Inc. at 55 Lyman Street, Northborough, MA.
McKesson Medical-Surgical, a division of San Francisco-based McKesson Corporation, expanded its presence at 55 Lyman Street by approximately 26,158 square feet.
55 Lyman Street is a 260,561 square foot, state-of-the-art high-bay distribution building. The building is ideal for industrial and distribution use, featuring 32' clear height, an ESFR sprinkler system, 30 9’x 10' tailboard doors, 40’(d) x 45’(w) column spacing, and a 50’ x 500’ area reserved for trailer storage.
John Lashar, partner, and Paul Leone, vice president, of Richards Barry Joyce & Partners represented Bailard Lyman Street, LLC in the transaction. RBJ is the exclusive leasing agent for the building. The tenant was represented by Jay Sholl, senior vice president, Trammell Crow Company.
“55 Lyman Street is one of the premier high-bay distribution buildings in the region,” said John Lashar, partner, Richards Barry Joyce & Partners. “Its proximity to I-495, Route 9 and the Mass Pike make it an excellent location for a distribution facility. This expansion works well operationally for McKesson and was important to the landlord as they were able to accommodate an important client.”
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers New Corporate Headquarters Lease For Proven Process Medical Devices
Medical Device Manufacturer Leases Entire Building At 110 Forbes Boulevard, Mansfield, MA
BOSTON – November 28, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it represented Proven Process Medical Devices (Proven Process) in the company’s new headquarters lease at 110 Forbes Boulevard, Mansfield, MA.
Under the terms of the lease, Proven Process will occupy the entire building, totaling 30,912 square feet. Proven Process, which designs, develops and manufactures medical devices, will move to the new location from East Walpole, MA.
“Proven Process is unique in the medical device contract R&D and OEM marketplace because we focus solely on medical device development and manufacturing,” said Kenneth Fine, President, Proven Process Medical Devices. “We have helped many companies bring to market exciting and important medical devices, which has lead to our steady growth. We are pleased to have signed a new headquarters lease at 110 Forbes, which will better enable us to accommodate our growth.”
Ron Friedman, John Lashar, and Michael Frisoli of Richards Barry Joyce & Partners represented Proven Process in the transaction. The landlord, AMB Corporation, was represented by CB Richard Ellis.
According to research by Richards Barry Joyce & Partners, the 128 South submarket consists of 11,040,000 square feet of office space and is 11.6% vacant, as of the quarter ended September 30, 2006. [Source: “Greater Boston Third Quarter 2006 Office Report”]
About Proven Process Medical Devices
Proven Process Medical Devices are experts in the design, development, validation, and manufacture of Class II and Class III therapeutic and diagnostic devices. As reflected in its name, Proven Process adheres to a process that has proven successful since it began in 1994. Its Concept to Customer(SM) Turnkey Service allows the company to provide value through any and every step of the project. www.provenprocess.com
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Timothy Canon Joins Richards Barry Joyce & Partners As Investment Sales Analyst
Joins Firm’s Growing Investment Sales Group From State Street Bank
Boston, MA – November 21, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, is pleased to announce the appointment of Timothy Canon as an investment sales analyst.
As a member of RBJ’s Investment Services Group, Mr. Canon will execute investment and valuation analysis, collect due diligence materials, and provide support for transaction execution activities.
Mr. Canon joins RBJ from State Street Bank, where he was an account controller. In that role he worked on a variety of domestic equity, international and fixed-income mutual funds. Previously he performed financial analysis for Nu Visions Manufacturing (Springfield, MA), an electronics manufacturing and advanced engineering services company.
“Tim is an excellent addition to Richards Barry Joyce & Partners’ Investment Sales Group,” said Richard Herlihy, executive vice president, Richards Barry Joyce & Partners. “The group was founded just under two years ago and in that time we’ve witnessed significant growth, in terms of clients, transactions, and team members.”
Mr. Canon earned a B.A. in Economics from Amherst College, where he captained the soccer team. He has participated in the Junior Achievement program and other teaching initiatives focused on disadvantaged youth. He has also coached Little League baseball.
“Richards Barry Joyce & Partners’ unique platform for investment sales and the firm’s overall focus on client service are what attracted me to the firm,” said Mr. Canon. “I am looking forward to supporting the firm’s wide range of institutional clients.”
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Represents HRPT Properties Trust In 54,000 SF Lease
Landlord Signs Lease With EPIX Pharmaceuticals At 4 Maguire Road, Lexington, MA
BOSTON – November 20, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it represented HRPT Properties Trust in a 54,000 square foot lease expansion and extension with EPIX Pharmaceuticals, Inc. (NASDAQ: EPIX).
Under the terms of the lease, EPIX will occupy the entire laboratory/office building at 4 Maguire Road, Lexington, MA. The biopharmaceutical company currently occupies 29,000 square feet in the building and is almost doubling its space, in addition to extending its lease term.
“Lexington continues to mature and strengthen for laboratory users,” said Jon Varholak, partner, Richards Barry Joyce & Partners. “The 128 West submarket is a logical place for companies that are moving from Cambridge or deploying a suburban presence. We are pleased that EPIX Pharmaceuticals has expanded in 4 Maguire Road.”
Jon Varholak and Robert Richards of Richards Barry Joyce & Partners represented HRPT Properties Trust in the transaction. EPIX Pharmaceuticals was represented by Neil Schneider of McCall & Almy, Inc.
According to research by Richards Barry Joyce & Partners, the laboratory market in the Greater Boston suburban market consists of 3,788,000 square feet of space and is 20.9% vacant, as of the quarter ended September 30, 2006. [Source: RBJ’s “bioSTATus Q3 2006”.]
About HRPT Properties Trust
HRPT Properties Trust is a real estate investment trust, or REIT, which primarily owns office buildings located throughout the United States, as well as industrial lands located in Oahu, Hawaii. HRPT is headquartered in Newton, Massachusetts. www.hrpreit.com
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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The Bulfinch Companies, Inc. Names Richards Barry Joyce & Partners Exclusive Leasing Agent For 151 Taylor Street
98,283 SF Office / R&D Building Is In Littleton, MA
Boston, MA – November 8, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, has been selected by The Bulfinch Companies, Inc. as the exclusive leasing agent for 151 Taylor Street, Littleton, MA.
151 Taylor Street is a two-story office and research & development building that is situated on 28 acres of naturally landscaped grounds. The building offers an excellent location, near the intersection of Routes 2 and I-495.
A new, two-story atrium lobby, which is being constructed, will provide a dramatic entrance to the first-class environment. The building features a high-tech exterior design with sleek metal panels and ribbon windows. The building can easily accommodate basic office / R&D requirements, but sets itself apart from the competition with its tremendous infrastructure. Tenants with heavy electric and cooling requirements or 24-hour operational needs will benefit from the building’s existing infrastructure, which includes 2500 amps of power, above-standard cooling with a chilled water loop throughout, a back-up generator, and an uninterrupted power supply (UPS).
The building’s generous parking (3.4 / 1,000 square feet) can expand to 5.5/1,000 square feet, which is ideal for companies with a dense layout of employee workstations. The building is currently fully available and can sub-divide to 20,000 square feet. Nearby corporate neighbors include HP, Cisco and NEC, as well as numerous early stage companies.
“We’re thrilled about the assignment and very optimistic about the odds of securing a tenant for the facility soon,” said Brian McKenzie, partner, Richards Barry Joyce & Partners. “The new lobby will add a unique presence to the building which will set it apart from some of the older inventory in the area. The new look coupled with the outstanding infrastructure allows 151 Taylor Street to attract interest from a number of companies in this technology-driven marketplace.”
Marketing of the property will be directed by Brian McKenzie, John Wilson, James Lipscomb and Troy Coady of Richards Barry Joyce & Partners.
According to research by Richards Barry Joyce & Partners, the I-495 North submarket consists of 15,036,000 square feet of office space and is 29.3% vacant, as of the quarter ended September 30, 2006. [Source: “Greater Boston Third Quarter 2006 Office Report”]
About The Bulfinch Companies
Founded in 1936, The Bulfinch Companies, Inc. is an entrepreneurial, value-added real estate investment firm specializing in the development, acquisition, management, and repositioning of commercial properties in greater Boston. Over the past several years, Bulfinch has developed, acquired and repositioned in excess of $500 Million of commercial real estate.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Releases “bioSTATus Q3 2006”
Unique Report Focuses On Biotechnology-Related Real Estate In Greater Boston
Boston, MA – November 7, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate firm based in Boston, has released “bioSTATus Q3 2006”, an in-depth research report on Greater Boston’s biotechnology research-focused real estate.
According to the report, vacancy rates for Laboratory space in Greater Boston have dropped to 11.9% from 14.9%, for the two-quarter period ending September 30, 2006. The Cambridge submarket has realized an even more significant drop in the past two quarters. The vacancy rate for space in Cambridge dropped from 14.5% at the end of Q1 to 9.8% at the end of Q3 2006.
“The Greater Boston Laboratory market continues to realize a tightening of space,” said Brendan Carroll, director of research at Richards Barry Joyce & Partners. “Expansion continues both in the traditional biotechnology hub in Cambridge, along with more emerging clusters in the suburbs. Cambridge has become extremely limited in what it can offer to new companies or those who are seeking to expand.”
Continuing a trend that was seen in the “bioSTATus Q1 2006” report, the number of Phase I Clinical Trials being conducted by Greater Boston biotech companies has again grown. Through the RBJ Clinical Growth Index, the firm tracks the number of National Institute of Health clinical trials being conducted by area companies and which of the four Phases they are in. A high number of Phase I trials (the first of the four phases) shows significant activity in early testing and has been an indicator of demand for real estate.
About bioSTATus
“bioSTATus” delivers pertinent real estate figures, such as vacancy, availability and absorption rates for the laboratory market in Greater Boston as well as the Cambridge, Boston and Suburbs submarkets. Importantly, the report also provides the business context around the figures, including information on the area’s biotech IPO market, how Boston is faring versus other biotech regions, and the VC funding levels for Boston area biotech firms.
To request a copy of the report, please send an email to research@rbjrealestate.com. In addition to bioSTATus, RBJ also publishes quarterly Office, Industrial and Flex reports, covering all submarkets, and quarterly MarketSTATus reports for the following submarkets: 128 North, 128 West, 128 South, 495 North, 495 West, Cambridge, Back Bay and the Financial District. Also the unique RBJ Clinical Growth Index shows the status of locally conducted NIH trials in each of the four phases.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Appoints Kimberly Cinnamond To Investment Sales Group
New Investment Sales Associate Joins RBJ From Jones Lang LaSalle
Boston, MA – October 25, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, is pleased to announce that Kimberly Cinnamond has joined the firm’s Investment Sales Group as an investment sales associate.
In her new role Ms. Cinnamond will be involved in the firm’s dynamic investment sales practice. She will be gathering due diligence materials, creating marketing packages for dispositions and coordinating the creation of new business presentations.
Prior to joining RBJ, Ms. Cinnamond was in the research department of Jones Lang LaSalle (formerly Spaulding & Slye). In that role, she developed market research and presentation materials for the firm’s brokers and clients. Ms. Cinnamond earned a B.A at Lehigh University and is active in the Lehigh Club of Boston.
“I am looking forward to working with the RBJ team and clients,” said Ms. Cinnamond. “The firm has a unique approach and platform for investment sales, which is what attracted me to the position. I was also impressed by the firm’s focus on client service, which is evident in each team member I’ve met.”
“We are very pleased to have Kim join RBJ’s Investment Sales Group,” said Richard Herlihy, executive vice president, Richards Barry Joyce & Partners. “She has already displayed a keen analytical sense, which will greatly benefit our client base.”
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Represents The Liberty Companies In New 80,000 SF Lease
Landlord Leases Warehouse And Office Space To SWB New England At One United Drive, West Bridgewater, MA
BOSTON – October 24, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it represented The Liberty Companies in the landlord’s 80,000 square foot lease to SWB New England at One United Drive, West Bridgewater, MA.
Under the terms of the lease, SWB New England, a wholesale distributor of quality ethnic foods, will lease 72,500 square feet of warehouse space and 7,500 square feet of office space at One United Drive. The company is increasing its space as it moves from 35 Turnpike Street, a 45,060 square foot building also in West Bridgewater.
Liberty Properties purchased One United Drive in March 2006. The building offers 315,000 total square feet, which consists of 285,000 square feet of warehouse space and 30,000 square feet of office space. The building currently has 235,000 square feet of availability.
“We are very pleased to have attracted an excellent tenant such as SWB New England,” said Mohsin Amiji, CEO, The Liberty Companies. “Their move to One United Drive represents not only an increase in space but also an improvement in building quality and location. Additionally, we are very encouraged by the significant interest in One United Drive that we’ve witnessed recently.”
John Lashar, Michael Frisoli, Paul Leone and Cal Hudak of Richards Barry Joyce & Partners represented Liberty Properties in the transaction. RBJ is the exclusive leasing agent for One United Drive. SWB New England was represented by Steve Clancy and James Nicoletti of CB Richard Ellis.
About The Liberty Companies
Liberty Companies is a pioneer in outside-the-box strategies for acquiring, redeveloping and marketing under-performing or surplus commercial property. Our skilled management team has over 50 years of combined experience in developing and marketing more than 30 million square feet — valued at more than $1 billion — of industrial, manufacturing, office, R&D, and retail properties throughout the U.S. Currently, we manage more than 5 million square feet of industrial and office properties located primarily in New England. www.libprop.net
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Griffith Properties Introduces Ballardvale Office Park
Names Richards Barry Joyce & Partners As Exclusive Leasing Agent For Four-Building Park in Wilmington, MA
Boston, MA – October 17, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it was named as the exclusive leasing agent for Ballardvale Office Park, a four-building park owned by Griffith Properties and its partner AEW Capital Management, L.P.
Ballardvale Office Park is comprised of 555,000 square feet of office space with premier frontage along Interstate 93 in Wilmington, MA. The buildings have each undergone significant renovations, which selectively include new building exteriors, larger windows, state-of-the-art HVAC systems, new roofs and new landscaping, as well as improvements to common lobbies and fitness areas.
Onsite amenities include a full-service cafeteria in Building One, with a large seating area, flat screen television monitor, and free WiFi access, a new fitness center with state-of-the-art equipment and locker room facilities, and banking facilities within the park.
The campus is located at the intersection of Route I-93 and Route 125, providing excellent access to Route 128/95, Route I-495 and Route 3. The campus is less than 20 minutes from downtown Boston and Logan International Airport. Highway access is expected to be even more convenient with the installation of a new on-ramp adjacent to the property that is scheduled for completion in the first quarter of 2007.
“The renovations, onsite amenities and highway access truly make Ballardvale Office Park one of the jewels of the 128 North market,” said Brian McKenzie, Partner, Richards Barry Joyce & Partners. “In its renovation of this project, Griffith Properties has essentially delivered a brand new building, complete with first class amenities, to a market that has not seen new construction since early 2000. By combining these buildings into a single park, Griffith has created significant flexibility in terms of the space sizes they can offer, allowing us to accommodate tenants ranging from 2,000 to 200,000 square feet.”
“We are very pleased with the creation of Ballardvale Office Park,” said Tod Brainard, Principal, at Griffith Properties. “The buildings complement each other well and give tenants of all sizes access to a luxurious amenity base that is typically available only in the most expensive parks in suburban Boston.”
Marketing of the park will be directed by Brian McKenzie, John Wilson and James Lipscomb of Richards Barry Joyce & Partners.
About AEW Capital Management, L.P.
Founded in 1981, AEW Capital Management, L.P. provides real estate investment management services to investors worldwide. Currently, AEW and its affiliates manage over $34 billion of gross real estate assets and securities on behalf of many of the world’s leading institutional and private investors. The firm actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, Singapore, Paris, London, Barcelona, Milan, Stockholm, Luxembourg, Düsseldorf, Warsaw, Budapest and Prague.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Represents The MicroOptical Corporation In New Headquarters Lease
Portable Eyewear Company Leases 21,298 SF At 31 Dartmouth Street, Westwood, MA
BOSTON – October 17, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a new headquarters lease for The MicroOptical Corporation. The portable eyewear company signed a 21,298 square foot lease at 31 Dartmouth Street, Westwood, MA.
MicroOptical, the leader in video eyewear for the portable electronics industry, is moving to their new location from 33 Southwest Park, also in Westwood. The new headquarters will double the company’s space.
“We are witnessing a very high level of excitement for our products, especially our recently introduced myvu™ Made for iPod® edition,” said Steven Beckett, chief financial officer, MicroOptical. “We needed to increase our headquarters space as we enter this next phase of growth. Our new headquarters at 31 Dartmouth will help meet these requirements.”
Ron Friedman and Michael Frisoli of Richards Barry Joyce & Partners represented The MicroOptical Corporation in the transaction. The landlord of 31 Dartmouth Street, SLD W LLC, was represented by Warren Brown of Boston Commercial Properties.
According to research by Richards Barry Joyce & Partners, the 128 South submarket consists of 11,040,000 square feet of office space and is 11.6% vacant, as of the quarter ended September 30, 2006. [Source: “Greater Boston Third Quarter 2006 Office Report”]
About MicroOptical Corporation
The MicroOptical Corporation is a privately held company based in Westwood, Mass. Its mission is to be the leading developer and manufacturer of innovative eyewear displays that connect to personal, military, industrial and medical electronic devices, ranging from cell phones and media players to patient monitoring equipment and thermal weapon sights. With its patented, proprietary technology and a strategic alliance with Essilor International, the world leader in ophthalmic optical products, MicroOptical is at the forefront of the electronics and wearable display industries.
MicroOptical’s video viewers, which represent an ergonomic breakthrough over conventional headmounted
displays, have received widespread industry recognition. For more information, visit www.microoptical.net.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Greater Boston Office Market Witnesses Continued Growth
Research By Richards Barry Joyce & Partners Shows Q3 Vacancy Rate At 16.5%,Marking A 1.0% Decrease Over Q2
Boston, MA – September 28, 2006 – According to Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate firm, the vacancy rates in the Greater Boston Office Market dropped to 16.5% in the third quarter of 2006, marking a decrease of a full percentage point over the second quarter. The data was released in RBJ’s “Greater Boston – Third Quarter 2006 Office Report.”
The report also noted that Class A office space lease rates continue to strengthen across Greater Boston, and a market-wide shortage of high-quality space is emerging. Certain key areas, such as Boston’s Financial District and Back Bay, East Cambridge and Waltham, have vacancy rates near or below 10%.
Turning towards the national commercial real estate market, the report’s “Market Interesting” section summarizes RBJ’s Central Business District (CBD) Premiums Study. RBJ research found that CBD office space in many cities commands a premium when compared with suburban counterparts, while most other cities exhibit only a small premium for CBD space. Boston is ranked second with an 80% premium, after midtown Manhattan at 135%.
“The third quarter saw a continued increased strengthening of the market, with a drop in vacancy rates and a significant tightening of available space in certain markets,” said Brendan Carroll, director of research at Richards Barry Joyce & Partners. “Downtown Boston has certain areas that have very low availability.”
The report provides an overview of the main highlights for Greater Boston, a section that details findings on each principal market component (Boston CBD, Cambridge, Route 128 and I-495), and a table that compiles all the pertinent rates and figures (market size, vacancy, absorption, and availability) into one highly useful reference.
Main findings of the report include:
- Class A vacancy in key “nerve centers” (such as the Financial District, Back Bay, East Cambridge and Waltham) is near or under 10%.
- A market-wide shortage of high quality space is emerging and expansion activity is accelerating.
- Investment activity was frenetic across all submarkets, with seven transactions of more than 100,000 SF occurring along Route 128 alone.
- Widening Class A to Class B margins may improve demand for Class B space, as tenants mull increasingly compelling savings.
- East Cambridge is undergoing a remarkable recovery; vacancy has decreased from 27.7% to 13.3% over twelve quarters; and Class A rents are spiking sharply.
- The Seaport District’s demand remains robust, with Class A vacancy now at a scant 4.8%.
To request a copy of RBJ’s “Greater Boston – Third Quarter 2006 Office Report.”, please send an email to research@rbjrealestate.com. In addition to the quarterly Office report, RBJ also publishes quarterly Flex and Industrial reports, covering all submarkets, and quarterly MarketSTATus reports for the following submarkets: 128 North, 128 West, 128 South, I-495 North, I-495 West, Cambridge, Back Bay & Financial District. The firm’s “bioSTATus” report, covering the biotechnology-related real estate market, is issued semi-annually, in the first and third quarters.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Represents Corning Incorporated In Two Transactions Totaling 750,000 SF
Firm Retained By Corning as Global Real Estate Advisor
Boston, MA – September 27, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, today announced that it brokered two transactions totaling 750,000 square feet for Corning Incorporated (NYSE: GLW). Corning leased a 406,000 square foot building in Erwin, NY and sold a 344,000 square foot facility in Hickory, NC.
In Erwin, NY, Corning required a distribution facility for their Diesel Environmental Technologies division. Based on Corning’s preference to lease, RBJ structured a transaction which resulted in a build-to-suit, sale and leaseback. Under the terms of the transaction Corning contributed land and engaged a local developer to construct a 406,000 square foot building. The building was then sold to Lexington Corporate Properties Trust and leased back to Corning for 10 years.
Corning also sold 1105 22nd Street SE in Hickory, NC. The 306,000 square foot industrial facility was purchased by Kohler Co. for $6.7 million. The building will house the headquarters for Baker Knapp & Tubbs, Inc., a wholly owned subsidiary of Kohler and part of the Kohler Interiors Group.
RBJ Retained by Corning As Global Real Estate Advisor
Corning hired RBJ in 2005 as the global real estate advisor to the Corning Corporate Real Estate (CRE) group. RBJ provides the diversified technology company with global real estate services, helping Corning to manage its global real estate portfolio.
Since October of 2005, RBJ has completed more than 20 transactions for Corning with 50 assignments currently underway, including building sales and purchases, leases, sub-leases, and space dispositions. RBJ also manages the lease administration of the portfolio, including all lease payment and collections activity. .
The RBJ team working on Corning projects includes Robert Richards, John Wilson, Brian Connolly, Kristin O’Shea and Christy Billings.
“Corning is a very unique client and offers many challenges, given the scope of their portfolio and the different types of projects,” said John Wilson, partner, Richards Barry Joyce & Partners. “It is a great opportunity for RBJ and we enjoy working with the CRE team.”
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Represents Tenants In Leases On West Park Drive, Westborough, MA
Chapin Intellectual Property Law, LLC and Optical Research Associates Sign Leases Totaling 10,964 Square Feet
BOSTON – September 19, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it represented two tenants, Chapin Intellectual Property Law, LLC and Optical Research Associates, in leases totaling 10,964 square feet on West Park Drive, Westborough, MA.
Optical Research Associates renewed the lease for their East Coast headquarters at 1800 West Park Drive, Westborough, MA. Optical Research Associates, the industry's leading supplier of imaging and illumination design/analysis software, signed a five-year lease for 4,080 square feet.
Chapin Intellectual Property Law, LLC, a law firm that services clients nationwide in patent, trademark, copyright and related intellectual property matters, renewed their headquarters lease at 1700 West Park Drive, Westborough, MA. The five-year lease is for 6,884 square feet.
John Lashar, partner, and Paul Leone, vice president, of Richards Barry Joyce & Partners represented the tenant in each transaction. Windsor Realty Fund, IV, the landlord for 1700 West Park Drive and 1800 West Park Drive, was represented in both transactions by Jones Lang LaSalle.
According to research by Richards Barry Joyce & Partners, the I-495 West submarket consists of 16,292,000 square feet of office space and is 20.5% vacant, as of the quarter ended June 30, 2006. [Source: “Greater Boston Second Quarter 2006 Office Report”]
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Represents Upromise, Inc. In New 78,084 Square Foot Lease
Upromise Signs Lease At 75-95 Wells Avenue, Newton, MA
BOSTON – August 29, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it represented Upromise, Inc. in signing a long-term, 78,084 square foot lease at 75-95 Wells Avenue, Newton, MA.
The commencement date for the long-term lease is April 2007. Upromise will move its corporate headquarters to Wells Avenue from its current location on Kendrick Street in Needham, MA. The landlord for the 240,000 square foot building is Normandy Real Estate Partners.
Michael Frisoli, Jonathan Varholak and John Wilson, partners at Richards Barry Joyce & Partners, represented Upromise. Normandy was represented by Jones Lang LaSalle.
“Upromise is very pleased with their new corporate headquarters,” said Michael Frisoli of Richards Barry Joyce & Partners. “Wells Avenue offers an excellent location that is close to the current Upromise facility. The Normandy Real Estate Partners team showed creativity, responsiveness and a willingness to work together to successfully complete this transaction.”
According to research by Richards Barry Joyce & Partners, as of the quarter ended June 30, 2006, the 128 West submarket consisted of 19,826,000 square feet of office space, with a vacancy rate of 15.2%. [Source: “Greater Boston Second Quarter 2006 Office Report”].
About Upromise, Inc. <Recently acquired by SLM Corporation (NYSE: SLM), commonly known as Sallie Mae.>
Upromise’s mission is to help families realize the dream of college. The Upromise Services division includes its popular rewards service, which allows families to automatically save money for college while making everyday purchases at more than 20,000 grocery and drug stores, 14,000 gas stations, 8,000 restaurants, thousands of retail stores and more than 400 online shopping sites. Upromise’s partners include Citi®, Coca-Cola®, ExxonMobil Corporation, Kimberly-Clark, McDonald’s®, JCPenney.com, LandsEnd.com, Sears.com, and hundreds of others. More than seven million parents, grandparents, and family friends have joined Upromise—and our partner contributions today represent the largest private source of college aid in America. Upromise also makes it easy for families to invest in tax-advantaged college savings plans and to use contributions to pay off student loans. The 529 college savings plans are municipal securities and are offered through Upromise Investments, Inc. (member NASD/SIPC). 529 college savings plans are not government or FDIC insured. Upromise is headquartered in Needham, Mass. For additional information, visit www.Upromise.com or call 781.707.8400.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers Two Leases For RREEF North America
Banner Door Corporation and Preston Productions Sign Leases At 34 St. Martin Drive, Marlborough, MA
BOSTON – August 29, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered two leases for RREEF North America at 34 St. Martin Drive in Marlborough, MA. Banner Door Corporation and Preston Productions signed new leases totaling 17,978 square feet.
John Lashar, Partner, and Paul Leone, Vice President, of Richards Barry Joyce & Partners represented the landlord in both transactions. The RBJ team worked with David Crane, Vice President, and Kelli Ployer, Senior Leasing & Property Manager, at RREEF North America. RBJ is the exclusive leasing agent for 34 St. Martin Drive. The building offers great access to I-495 and the Mass Pike, abundant parking, heavy ratio of loading docks and 18’ clear heights.
“Banner Door Corporation and Preston Productions are excellent additions to our tenant roster at 34 St. Martin Drive,” said David Crane, vice president, RREEF North America. “We greatly appreciate RBJ’s efforts on behalf of this property.”
Banner Door Corporation
Banner Door Corporation, a distributor of overhead doors, signed a new, five-year lease for 9,308 square feet at 34 St. Martin Drive, Marlborough, MA. Banner Door was represented in the transaction by Eric O’Brien of O’Brien Commercial Properties.
Preston Productions
Preston Productions, a strategic communications direction and event planning firm, signed a new, five-year lease for 8,670 square feet at 34 St. Martin Drive, Marlborough, MA. Preston Productions was also represented by John Lashar and Paul Leone of RBJ in the transaction.
“34 St. Martin Drive is well suited for the needs of Banner Door and Preston Productions,” said John Lashar, partner, Richards Barry Joyce & Partners. “The building provides a positive professional image for each company and offers excellent access to the region’s major thoroughfares.”
According to research by Richards Barry Joyce & Partners, the I-495 West submarket consists of 16,292,000 square feet of office space and is 20.5% vacant, as of the quarter ended June 30, 2006. [Source: “Greater Boston Second Quarter 2006 Office Report”]
About RREEF North America
RREEF, a leading US-based real estate investment manager, is a division of DB Real Estate, the real estate investment management group of Deutsche Asset Management. RREEF manages $36.8 billion in pension fund real estate investments for over 420 corporate, public, and international clients. Its activities include private and public market equity investments ranging from core investments to higher return/higher risk holdings, including development. RREEF has 129 property management offices nationwide and property acquisitions offices in San Francisco, Chicago and New York. Currently RREEF manages over 180 million square feet of office, industrial warehouse/distribution and retail properties with apartment units exceeding 25,000.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers Three Leases Totaling 43,217 SF For BGI Holdings, III
Acadia Insurance, Creganna Medical Devices and Shibasoku R&D Center, Inc. Sign Leases at Solomon Pond Park In Marlborough
BOSTON – August 22, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered three leases for BGI Holdings, III at Solomon Pond Park in Marlborough, MA. The leases, with Acadia Insurance, Creganna Medical Devices and ShibaSoku R&D Center, Inc., total 43,217 square feet.
John Lashar, Brian McKenzie and Paul Leone of Richards Barry Joyce & Partners represented the landlord, BGI Holdings, III in each transaction. The RBJ team worked locally with Ogden Hunnewell of Nordic Properties and Al McNiff and Patrick O'Neill of Nordblom Management Company.
ShibaSoku R&D Center, Inc.
ShibaSoku R&D Center signed a new lease for 16,625 square feet at 450 Donald Lynch Blvd. in Marlborough, MA. The company will be relocating from Bearfoot Road in Northborough, MA. ShibaSoku R&D Center is part of ShibaSoku Co., Ltd., which provides manufacturing, marketing and support of electronic devices, electronic measuring instruments, electronic application systems, and magnetic application and laser application products. ShibaSoku was represented by Bill Sullivan of R.W. Holmes Realty Co., Inc.
Acadia Insurance
Acadia Insurance signed a lease renewal for 15,913 square feet of space at 290 Donald Lynch Blvd. in Marlborough, MA. Acadia, a regional property casualty insurer with offices in Connecticut, Massachusetts, Maine, New Hampshire, New York, and Vermont, is a member of W.R. Berkley Corporation (NYSE: BER). Acadia was represented by Brooks Murphy of The Staubach Company.
Creganna Medical Devices
Creganna Medical Devices signed a new lease for 10,679 square feet at 450 Donald Lynch Blvd. in Marlborough, MA. Creganna is an independently owned company headquartered in Galway, Ireland. The company provides medical device manufacturers with products, technologies and services for innovative, minimally invasive, delivery device solutions. Creganna was represented by Greg Hoffmeister of T3 Advisors.
“Our real estate portfolio is only as strong as the tenants that we attract and retain,” said Kent Borowick, BGI Holdings, III. “With RBJ’s help we have retained one of our strongest existing tenants in Acadia Insurance and attracted excellent new tenants in ShibaSoku R&D Center and Creganna Medical Devices.”
According to research by Richards Barry Joyce & Partners, the I-495 West submarket consists of 16,292,000 square feet of office space and is 20.5% vacant, as of the quarter ended June 30, 2006. [Source: “Greater Boston Second Quarter 2006 Office Report”]
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Normandy Real Estate Partners Purchases Lexington Corporate Center
Richards Barry Joyce & Partners Named Exclusive Leasing Agent For 285,000 SF Complex
Boston, MA – August 16, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it has been selected by Normandy Real Estate Partners as the exclusive leasing agent for Lexington Corporate Center, 10 Maguire Road, Lexington, MA. Normandy recently purchased the 285,000 square foot complex from Lexington Corporate Center Associates, LLC, a joint venture between Essex River Ventures and the Praedium Group, LLC.
Lexington Corporate Center consists of four interconnected buildings, totaling more than 285,000 square feet of office space. The buildings, which are located on 20 acres of land in a park-like atmosphere, have all recently undergone significant renovations. Lexington Corporate Center’s centralized location offers easy access to Route 128 and is in close proximity to the Mass Pike and Routes 2 and 3.
The complex features an on-site café, exercise facility with showers and direct access to the Cambridge / Bedford bicycle path. A variety of major hotels, conference facilities, day care, and the Burlington Mall with more than 170 stores and restaurants are all minutes away.
“Lexington Corporate Center offers an exceptional package of location, amenities and campus atmosphere,” said Jon Varholak, partner, Richards Barry Joyce & Partners. “There is significant interest in the remaining space, as evidenced by several tenants’ recent commitment to the complex.”
Lexington Corporate Center is more than 60% occupied, with existing tenants such as ST Microelectronics, Inc., BladeLogic, Inc., Accurev, Inc., Brontes Technologies, Inc. and Excelergy Corporation. There is currently approximately 115,000 square feet of office space available for immediate occupancy, which can accommodate tenants ranging from 6,000 to 100,000 square feet.
“This is another premier acquisition for our team,” said Justin Krebs, Vice President of Acquisitions, Normandy Real Estate Partners. “We are excited about building on the momentum at Lexington Corporate Center and attracting quality tenants to the few remaining vacancies that exist.”
Marketing of the property will be directed by Jon Varholak, Michael Frisoli, Ron Friedman and Cal Hudak of Richards Barry Joyce & Partners.
According to research by Richards Barry Joyce & Partners, the Route 128 West submarket consists of 19,826,000 square feet of office space and is 15.2% vacant, as of the quarter ended June 30, 2006. [Source: “Greater Boston Second Quarter 2006 Office Report”]
About Normandy Real Estate Partners
Normandy Real Estate Partners is a fully integrated real estate investment management company based in Morristown, NJ with offices in Boston and New York City. Over the last 10 years, Normandy professionals have invested over $820 million of equity in 47 separate transactions totaling over $3 billion in asset value. Normandy recently closed on its current discretionary real estate fund, Normandy Real Estate Fund, L.P. with projected total purchasing power of approximately $1.8 billion. Targeting the northeast and mid-Atlantic markets of Boston, Metro New York City, Northern New Jersey, Philadelphia, and Washington DC, Normandy is currently pursuing property investments of all types where opportunities exist to enhance value through creative repositioning, intensive management, leasing and capital improvements.. www.normandyrealty.com
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers Two Leases For 43,920 SF For Intercontinental Real Estate Corporation
Oxfam America and Cleary Insurance, Inc. Sign New Leases At 226 Causeway Street, Boston, Bringing Building Occupancy To More Than 90%
BOSTON – August 14, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered two new leases totaling 43,920 square feet on behalf of Intercontinental Real Estate Corporation at 226 Causeway Street, Boston. The leases, with Oxfam America and Cleary Insurance, bring the building’s occupancy rate to more than 90%.
The landlord was represented in both transactions by John Barry, Partner, and Thomas Ashe, Vice President, of Richards Barry Joyce & Partners. RBJ is the exclusive leasing agent for 226 Causeway Street.
“226 Causeway Street’s central location makes it an excellent match for Oxfam America and Cleary Insurance,” said John Barry of Richards Barry Joyce & Partners. “Additionally, the building’s floor plates were a suitable fit for Oxfam’s needs. We are still seeing significant interest in the building, which now has less than 10% vacancy.”
Oxfam America
Under a long-term, 10-year lease, Oxfam America will move its headquarters to 226 Causeway from West Street in Boston. Oxfam, which is a global non-profit that works to end poverty through saving lives, strengthening communities, and campaigning for change, will occupy space on the building’s fifth floor.
“Oxfam America does tremendous work throughout the world in its goal to help end poverty,” said Thomas R. Taranto, Jr., Director of Asset Management at Intercontinental “We are very excited to have an organization that has such a positive global impact move their headquarters to our building.”
Oxfam America was represented by David Richardson of McCall & Almy.
Cleary Insurance
Cleary Insurance signed a new, five-year lease for 7,978 square feet on the third floor of 226 Causeway Street. The insurance agency will be relocating from 133 Portland Street in Boston, with an anticipated move-in date of late 2006. John Barry and Thomas Ashe of Richards Barry Joyce & Partners also represented Cleary Insurance in the transaction.
“We are very pleased to have a high quality and reputable insurance firm join our tenant roster,” commented Intercontinental’s Taranto.
According to research by Richards Barry Joyce & Partners, the Downtown Boston submarket consists of 67,370,000 square feet of office space and is 12.6% vacant, as of the quarter ended June 30, 2006. [Source: “Greater Boston Second Quarter 2006 Office Report”]
About Intercontinental Real Estate Corporation
Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed over $3 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects. Presently, Intercontinental manages a portfolio in excess of $1 billion for its clients and is actively seeking opportunities to invest in core enhanced properties and value oriented development projects. www.intercontinental.net
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers $9.4 Million Building Sale On Behalf Of Campanelli Companies
20 Walkup Drive, Westborough, MA, Purchased By Alexandria Real Estate Equities, Inc.
BOSTON – August 8, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered the sale of 20 Walkup Drive, Westborough, MA, on behalf of Campanelli Companies. The building was purchased for $9.4 million by Alexandria Real Estate Equities, Inc. (NYSE: ARE).
20 Walkup Drive is comprised of 113,000 square feet of office, laboratory and R&D space. Earlier in 2006, RenaMed Biologics, Inc. signed a long-term lease for the entire building. The company is moving its corporate headquarters to 20 Walkup Drive from Lincoln, RI.
“When we purchased 20 Walkup Drive, we saw a terrific amount of potential given the significant lab infrastructure, and we were successful in convincing RenaMed that this would be outstanding long-term real estate solution for them,” said Stephen J. T. Murphy, principal, Campanelli Companies. “We are pleased that Alexandria Real Estate Equities also saw the value in this building. Additionally, we appreciate RBJ’s ability to work with Campanelli to help position this building within the investment community.”
Brian McKenzie, John Lashar and Paul Leone of Richards Barry Joyce & Partners represented Campanelli Companies. RBJ also represented Campanelli in its lease to RenaMed and had been the exclusive leasing agent for 20 Walkup Drive since Campanelli purchased the building from Zygo Corporation in March 2005. In that transaction, RBJ represented Zygo.
According to research by Richards Barry Joyce & Partners, the I-495 West submarket consists of 16,292,000 square feet of office space and is 20.5% vacant, as of the quarter ended June 30, 2006. [Source: “Greater Boston Second Quarter 2006 Office Report”]
About Campanelli Companies
Established in 1947, Campanelli Companies is a full service commercial real estate development company with extensive experience in the industrial, office, warehouse/distribution and retail markets. To date, Campanelli has developed over 15 million square feet of commercial real estate property. Campanelli has worked with a variety of capital sources including banks, insurance companies, pension funds and real estate investment trusts. Campanelli's extraordinary track record as a developer means that the company can match a project to the lowest available cost of capital, which translates into the most competitive market rates for every development proposal.
Campanelli works closely with its clients during every phase of a development project, including site selection, feasibility analysis, local, state and federal permitting, architectural and engineering design, building construction, as well as facilities and property management. All phases of a project are handled by a cohesive development team that has worked together for over thirty years. Campanelli serves as the general contractor on all of its development projects. As both the developer and general contractor, Campanelli can assure its clients that every aspect of a project is directed, monitored and controlled by Campanelli Companies. For more information, visit www.campanelli.com.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 25,472 SF Lease For Intercontinental Real Estate Corporation
Histogenics Corporation Signs Lease At 830 Winter Street, Waltham, MA
BOSTON – August 7, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a 25,472 square foot lease for Intercontinental Fund III 830 Winter Street, LLC, an affiliate of Intercontinental Real Estate Corporation (“Intercontinental”). Under the long-term lease, Histogenics Corporation will move its research and manufacturing operations to Waltham from its current location in Malden.
The commencement date for the Histogenics lease is January 2007, with a term in excess of 10 years. Histogenics will join Praecis Pharmaceuticals Incorporated (NASDAQ: PRCS) in the three-story Class A laboratory and research facility.
Intercontinental purchased the 182,106 square foot building from Praecis in late 2005 and is continuing its strategy of repositioning it into a multi-tenant biotechnology facility. Praecis still occupies 65,000 square feet of state-of-the-art laboratory and office space for its corporate headquarters and research facility.
“830 Winter Street is one of the top laboratory facilities in the Greater Boston suburbs,” said Thomas R. Taranto, Jr., Director of Asset Management at Intercontinental. “Intercontinental is pleased to have Histogenics join Praecis Pharmaceuticals as a tenant and we look forward to a long lasting relationship with such a reputable company.”
830 Winter Street was built in 2000 on approximately 17 acres of land and is in very close proximity to Route 128 and the Massachusetts Turnpike. Richards Barry Joyce & Partners is the exclusive leasing agent for the first-class facility.
Jonathan Varholak, Robert Richards and Michael Frisoli of Richards Barry Joyce & Partners represented Intercontinental. Histogenics was represented by Cliff Hurley of Congruity Works, Inc.
“Waltham continues to mature and evolve as a preferred location for suburban Boston-area biotechnology and pharmaceutical companies,” said Jonathan Varholak, partner, Richards Barry Joyce & Partners. “830 Winter Street is a highly desirable facility in this market for life sciences companies. We are currently in discussions with many additional prospective tenants.”
According to research by Richards Barry Joyce & Partners, as of March 31, 2006, the Greater Boston suburban laboratory market consisted of 3,788,000 square feet of space, with a vacancy rate of 23.8%. [Source: “bioSTATus Q1 2006”].
About Intercontinental Real Estate Corporation
Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed over $3 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects. Presently, Intercontinental manages a portfolio in excess of $1 billion for its clients and is actively seeking opportunities to invest in core enhanced properties and value oriented development projects. www.intercontinental.net
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers $19.4 Million Building Sale On Behalf Of Pinnacle Properties
Firm Also Engaged To Sell Building In Boxborough, MA
Boston, MA – July 31, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, today announced that it brokered the sale of Inner Tech Park, 52-56 Roland Street, Boston, MA, on behalf of Pinnacle Properties.
The three-building park, located on the Charlestown/Somerville line in Boston, was purchased by Essex River Ventures for $19.4 million. Inner Tech Park consists of approximately 160,000 square feet of office, laboratory and research & development space. The buildings are more than 80% occupied with a diverse tenant roster.
Richard Herlihy, Richard Bradbury and Steven Purpura of Richards Barry Joyce & Partners represented the seller and procured the buyer.
“Inner Tech Park offered investors a strong in-place net operating income, with development potential,” said Richard Herlihy, vice president, Richards Barry Joyce & Partners. “The park’s stable cash flow will allow Essex River the ability to enjoy solid returns while exploring potential development opportunities.”
According to research by Richards Barry Joyce & Partners, the Downtown Boston submarket consists of 67,370,000 square feet of office space and is 12.6% vacant, as of the quarter ended June 30, 2006. [Source: “Greater Boston Second Quarter 2006 Office Report”]
RBJ Also Engaged To Sell Building In Boxborough
RBJ also announced that a prominent West Coast pension fund advisory company has hired the firm to sell 80 Central Street in Boxborough, MA. The Class A office building has 149,528 square feet of space and is 92% occupied. Tenants in the building include Broadbus Technologies, Inc.; National Grid Wireless, a division of National Grid Transco; and Crossbeam Systems, Inc.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 37,200 SF Lease For Communications Test Design, Inc.
CTDI Renews Lease At 133 Flanders Road, Westborough, MA
BOSTON – July 24, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a 37,200 square foot lease for Communications Test Design, Inc. (CTDI). The West Chester, PA-based telecommunications repair and logistics provider renewed their lease at 133 Flanders Road, Westborough, MA.
John Lashar and Paul Leone of Richards Barry Joyce & Partners represented CTDI in the lease. The property’s landlord, Glenborough Realty Trust (NYSE: GLB, GLB PrA), was represented in-house by Sam Potter.
“133 Flanders Road suits CTDI’s needs very well,” said John Lashar, partner, Richards Barry Joyce & Partners. “It’s a very central location, with excellent highway access, and infrastructure enabling them to service their many clients in the southeastern New England region.”
According to research by Richards Barry Joyce & Partners, the I-495 West submarket consists of 5,130,000 square feet of Flex space and is 20.0% vacant, as of the quarter ended June 30, 2006. [Source: “Greater Boston Second Quarter 2006 Flex Report”]
About Communications Test Design, Inc.
Communications Test Design, Inc. (CTDI) has provided groundbreaking maintenance service solutions to the telecommunications industry since 1975. Over the years, CTDI has strategically diversified our Service Portfolio to include: Wireline Repair & Logistics, Wireless Repair & Logistics, Engineering and Installation services, Global Supply Chain solutions, and Product Engineering & Manufacturing. Today, CTDI services our global customers from 35 worldwide strategic repair and logistics locations supported by an experienced team of over 3,200 telecommunications professionals. www.ctdi.com
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 51,000 SF Lease For KBS Realty Advisors
Trammell Crow Company Represents Kronos Incorporated in Leasing Entire Two-Story Building At 6 Omni Way, Chelmsford, MA
BOSTON – July 18, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, has represented KBS Realty Advisors in a new 51,000 square foot lease at 6 Omni Way, Chelmsford, MA. Kronos Incorporated (Nasdaq: KRON) has leased the entire two-story, office/R&D building.
Kronos, with its headquarters already in Chelmsford, is a leader in providing comprehensive solutions to a variety of workforce-related issues. They currently employ approximately 3,000 people and will utilize the entire building at 6 Omni Way for software engineering personnel. With the addition of 6 Omni Way, Kronos will bring its footprint up to six buildings with an approximate combined 500,000 square feet, which makes the company one of the largest users of real estate on Route I-495.
“6 Omni Way is an excellent facility and one that is a terrific fit for Kronos, given its proximity to their other locations,” said John H. Kolb, assistant vice president, KBS Realty Advisors. “RBJ’s expertise and market savvy has been extremely valuable in stabilizing this building and fully leasing it.”
Brian McKenzie, John Wilson and Jamey Lipscomb of Richards Barry Joyce & Partners represented KBS Realty Advisors in the transaction. Representing and advising Kronos Inc. were Executive Vice President and Principal John Boyle, Senior Associate Kerry Olson, and Senior Vice President Michael Dalton of Trammell Crow Company.
“We have enjoyed working with the KBS Realty Advisors team on 6 Omni Way and other nearby buildings,” said Brian McKenzie, partner, Richards Barry Joyce & Partners. “Within this park, RBJ has brokered for KBS two leases with Kronos, for 80,000 and 51,000 square feet, and one with Goodrich for 130,000 square feet. This park has fared very well even in this challenging market.”
According to research by Richards Barry Joyce & Partners, the I-495 North submarket consists of 15, 036,000 square feet of office space and is 30.1% vacant, as of the quarter ended June 30, 2006. [Source: “Greater Boston Second Quarter 2006 Office Report”]
About KBS Realty Advisors
Headquartered in Newport Beach, CA, KBS Realty Advisors (www.kbsrealty.com) is a premier real estate investment firm that has invested over $5.6 billion since the company’s inception in 1992. KBS was founded and is operated by Peter Bren, President and Chairman and Charles J. Schreiber, Jr., CEO. KBS has offices in Newport Beach, San Francisco, Chicago, Boston, New York and Washington, DC.
About Kronos Incorporated
Kronos Incorporated empowers organizations around the world to effectively manage their workforce. At Kronos, we are experts who are solely focused on delivering software and services that enable organizations to reduce costs, increase productivity, improve employee satisfaction, and ultimately enhance the level of service they provide. Kronos serves customers in more than 50 countries through its network of offices, subsidiaries, and distributors. Widely recognized as a market and thought leader in managing the workforce, Kronos has unrivaled reach with more than 30 million people using a Kronos solution every day. Learn more about Kronos at www.kronos.com.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Greater Boston Office Market Vacancy Rate Drops To 17.5 Percent
Report By Richards Barry Joyce & Partners Shows Sharp Rise In Asking Lease Rates For Class A Office Space
Boston, MA – June 30, 2006 – Vacancy rates in the Greater Boston Office Market dropped 0.3 percent to 17.5 percent in Q2 2006, spurring an increase in asking lease rates, according to newly released research by Richards Barry Joyce & Partners, LLC (“RBJ”), a full-service commercial real estate firm based in Boston.
Leasing rates increased most significantly in Class A office space, jumping $1.75 to $33.49 per square foot, the largest one-quarter rise since the 1990s. The increase in Class A asking rates reflects the strong demand for premium space, which is quickly becoming a scarcity. The data was released in RBJ’s “Greater Boston – Second Quarter 2006 Office Report.”
“The continued demand for premium space is certainly positive for the market as a whole,” noted Brendan Carroll, director of research at Richards Barry Joyce & Partners. “However, it comes at a cost to potential tenants, most immediately due to increased leasing rates. There’s also an impact in certain markets lacking opportunities for large users. Cambridge and Route 128 West are particularly limited in choices for big tenants.”
The report provides an overview of the main highlights for Greater Boston, a section that details findings on each submarket, and a table that compiles all the pertinent rates and figures (market size, vacancy, absorption, and availability) into one highly useful reference. This quarter’s “Market Interesting” section explains three oft-confused terms – vacancy, availability and leasing status – and how each is critical to getting a “true” picture of a market’s status.
Other findings of the report include:
- The Greater Boston office market experienced 641,000 square feet of positive absorption.
- RBJ Index properties (the most desirable 30% of all inventory) are 13.8% vacant, indicating tight conditions in Central Boston, Waltham and Cambridge.
- Cambridge rents are increasing notably, with Class A asking rates 17% above Q2’04 lows, while Waltham Class A asking rates continue to increase at a blistering 10% annualized rate.
- Inter-submarket relocations in Boston’s Central Business District appear to be increasing as infrastructure and perception improvements are validating non-Financial District submarkets such as the Seaport District and Back Bay.
- Vacant buildings have gained popularity with buyers optimistic over lease rate trends and leasing activity.
To request a copy of RBJ’s “Greater Boston – Second Quarter 2006 Office Report.”, please send an email to research@rbjrealestate.com. In addition to the quarterly Office report, RBJ also publishes quarterly Flex and Industrial reports, covering all submarkets, and quarterly MarketSTATus reports for the following submarkets: 128 North, 128 West, 128 South, I-495 North, I-495 West, Cambridge, Back Bay & Financial District.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Named Exclusive Leasing Agent For Prospect Center, Waltham, MA
Premier Waltham Location Can Accommodate Large Tenants
Boston, MA – June 6, 2005 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, has been selected by Normandy Real Estate Partners as the exclusive leasing agent for Prospect Center, located at 400 Fifth Avenue, Waltham, MA.
Normandy Real Estate Partners recently purchased the office building, which features approximately 116,000 square feet of rentable space. Prospect Center offers one of the best locations in the Waltham area, just off exit 27A on Route 128 and also close to the Mass Turnpike, Route 20 and Route 93. The building has 90,000 square feet of available space for rent and can accommodate tenants with a variety of space requirements.
“We see Prospect Center as ideally suited to medium and large tenants that require growth flexibility,” said Michael Frisoli, partner, Richards Barry Joyce & Partners. “We are already seeing a high level of interest in the building, based on its location, amenities and the planned capital improvements.”
Seeking to further enhance Prospect Center, Normandy has hired Boston architectural firm Spagnolo Gisness & Associates. The firm will design and oversee extensive base building renovations, including a new lobby, base building system upgrades, exterior upgrades and a new entrance.
Prospect Center is situated adjacent to 250 acres of wooded conservation land with picnic areas and walking, jogging and cross-country skiing trails. Nearby amenities include a daycare facility, a health and fitness center, the Westin Hotel, shopping centers and many restaurants. Corporate neighbors include Thermo Electron, PAREXEL International Corporation, Symantec, Polaroid, Verizon, AstraZeneca, Raytheon, and Praecis Pharmaceuticals.
Marketing of the property will be directed by Michael Frisoli, Jon Varholak, Ron Friedman and Cal Hudak of Richards Barry Joyce & Partners.
About Normandy Real Estate Partners
Headquartered in Morristown, NJ, Normandy Real Estate Partners is a privately owned, real estate investment firm that has assembled a portfolio of real estate assets valued at over $1 billion. In addition to the purchase of Prospect Center, Normandy Real Estate Partners recently acquired a 804,959 SF, 5 building portfolio of Class A office buildings in the Rt. 128 Market of the Boston Suburbs. Normandy Real Estate Fund, L. P. is a fully discretionary value-added real estate fund targeting investments in the Northeast and Mid-Atlantic region. Normandy seeks to acquire high-quality properties in strong markets where opportunities exist to enhance value through creative repositioning, intensive management, leasing and capital improvements. www.normandyrealty.com
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Represents Tenants In Leasing 56,544 SF At Lexington Corporate Center
Firm Represents BladeLogic, Inc., Brontes Technologies, Inc. And Excelergy Corporation In New Leases At 10 Maguire Road
Boston, MA – June 1, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, has announced that it represented three tenants in the leasing of 56,544 square feet at Lexington Corporate Center, 10 Maguire Road in Lexington, MA. RBJ represented BladeLogic, Inc., Brontes Technologies, Inc., and Excelergy Corporation in new leases that are designed to accommodate each company’s specific need for additional space.
Details of the transactions are:
BladeLogic, Inc., the leading provider of data center automation software, signed a new lease for its new corporate headquarters. The lease is for 31,697 square feet of space.
Brontes Technologies, Inc. signed a new lease for 15,710 square feet. Brontes Technologies offers 3D imaging technology that enable dentists to capture 3D digital models directly from a patient’s mouth.
Excelergy Corporation, a world leader in high performance software solutions that optimize the customer care and billing processes in competitive retail energy markets, signed a new lease for 9,137 square feet.
“Each of these companies has very specific real estate needs and a desire to balance short- and long-term space requirements,” said Ron Friedman, vice president, Richards Barry Joyce & Partners. “RBJ was able to structure flexible and aggressive terms for BladeLogic, Brontes Technologies and Excelergy, and our team takes a lot of pride in helping these companies as they continue to grow.”
Jon Varholak, Michael Frisoli, Ron Friedman and Cal Hudak of Richards Barry Joyce & Partners represented the tenants in each transaction.
According to research by Richards Barry Joyce & Partners, the Route 128 West submarket consists of 19,826,000 square feet of office space and is 16.2% vacant. In Q1 2006, the submarket experienced positive absorption of 180,000 square feet. [Source: “Route 128 West: Spring 2006 MarketSTATus”]
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 28,800 SF Lease For IQuum, Inc.
Company To Move Headquarters To 700 Nickerson Road, Marlborough, MA
BOSTON – May 16, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a 28,800 square foot lease on behalf of IQuum, Inc., at 700 Nickerson Road, Marlborough, MA. IQuum will be relocating its corporate headquarters from Allston, MA. IQuum, a molecular diagnostics company, will use the space for office, research and development, and manufacturing functions.
Paul Leone, Robert Richards, and John Lashar of Richards Barry Joyce & Partners represented IQuum in the lease. The property’s landlord, Glenborough Realty Trust, was represented by Robert McGuire, senior vice president/partner of CB Richard Ellis, and Sam Potter of Glenborough Realty Trust.
“This is an excellent move for IQuum,” said Paul Leone, vice president, Richards Barry Joyce & Partners. “Their new headquarters at 700 Nickerson Road will provide them a better opportunity for growth and access to a highly qualified labor pool. Further, they have a landlord in Glenborough that has a solid understanding of their fundamental office and laboratory space needs.”
According to research by Richards Barry Joyce & Partners, the I-495 West submarket consists of 16,203,000 square feet of office space and is 21.0% vacant, as of the quarter ended March 31, 2006. [Source: “Greater Boston First Quarter 2006 Office Report”]
About IQuum, Inc.
IQuum, based in Boston, Massachusetts, is the leader in developing lab-in-a-tube technology, a novel biological sample testing platform which provides revolutionary benefits to a broad cross section of the bioassay market. The Company's proprietary technology enables the non-specialized personnel to perform more sophisticated biological sample testing in any setting with greater speed. Founded in 1998, the Company is commercializing its lab-in-a-tube technology and products for the clinical diagnostics, bio-defense, and industrial testing markets. For more information, please visit www.IQuum.com
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Releases bioSTATus Q1 2006
Report On Biotechnology-Related Real Estate Shows Significant Drop In Lab Space Availability In East Cambridge; Dearth Of Large Blocks Of Lab Space Across Region
Boston, MA – May 8, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate firm based in Boston, has released “bioSTATus Q1 2006”, an in-depth research report on Greater Boston’s biotechnology-focused real estate.
According to the report, there has been a dramatic decrease in available space in East Cambridge, the epicenter of the region's biotechnology industry. In just the past three quarters the availability rate has plummeted from 26.1% in Q2 2005 to 9.1% in Q1 2006. Additionally, throughout the region there is a growing dearth of available large blocks of space.
There has also been a notable increase in the number of Phase I Clinical Trials being conducted by Greater Boston biotech companies. Through the RBJ Clinical Growth Index, the firm tracks the number of National Institute of Health clinical trials being conducted by area companies and which of the four Phases they are in. A high number of Phase I trials (the first of the four phases) shows significant activity in early testing and has been an indicator of demand for real estate.
“The Greater Boston area is well known as being one of the preeminent world centers of biotechnology activity,” said Brendan Carroll, director of research, Richards Barry Joyce & Partners. “Consequently, it is a critical element of the area’s real estate market, yet one that is under-represented from a research perspective. We will continue to watch the market closely, particularly to see the impact of low availability rates and the related lack of large blocks of space.”
About bioSTATus
“bioSTATus Q1 2006” delivers pertinent real estate figures, such as vacancy, availability and absorption rates for each sub-market in Greater Boston. Importantly, the report also provides the business context around the figures, such as what’s happening in the area’s biotech IPO market, how Boston compares with other regions for biotech, and how the VC funding levels are for Boston area biotech firms.
To request a copy of RBJ’s “bioSTATus Q1 2006”, please send an email to research@rbjrealestate.com. In addition to bioSTATus, RBJ also publishes quarterly Office, Industrial and Flex reports, covering all submarkets, and quarterly MarketSTATus reports for the following submarkets: 128 North, 128 West, 128 South, 495 North, 495 West, Cambridge, Back Bay and the Financial District.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Assists Mystic Valley Elder Services
With Property Search And 22,000 SF Lease
Non-Profit Agency Signs Lease Renewal At 300 Commercial Street, Malden, MA
Boston, MA – May 3, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a 22,000 square foot lease renewal for Mystic Valley Elder Services. The non-profit renewed its lease for office space at 300 Commercial Street, Malden, MA.
“We are very pleased to have renewed our lease with Combined Properties,” said Sean Hubacz, director of finance at Mystic Valley Elder Services. “By eliminating the need to move offices, we can more easily continue providing information and services to area elders and caregivers. RBJ provided critical counsel during the renewal process to ensure that we had the right location and terms for the lease.”
Steven Purpura and Brian McKenzie, partners at Richards Barry Joyce & Partners, represented Mystic Valley Elder Services. RBJ conducted an extensive property search for the non-profit, before renewing at its current location. The landlord, Combined Properties, Inc., was represented by Greg Regazzini, the firm’s director of leasing.
“Mystic Valley Elder Services provides a great service to the community,” said Steven Purpura, partner, Richards Barry Joyce & Partners. “It was a pleasure working Sean, his team and Combined Properties to finalize a lease renewal.”
According to research by Richards Barry Joyce & Partners, the Inner North office submarket consists of 4,092,000 square feet of space and is 18.2% vacant, as of the quarter ended March 31, 2006. [Source: “Greater Boston First Quarter 2006 Office Report”]
About Mystic Valley Elder Services
Mystic Valley Elder Services, Inc. (MVES) is a private, non-profit organization that provides information and access to a comprehensive range of services that address age-related needs. MVES serves over 10,000 individuals annually in the communities of Everett, Malden, Medford, Melrose, North Reading, Reading, Stoneham, and Wakefield. For more information about MVES services, please call (781) 324-7705 or locate them on the web at www.mves.org.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Greater Boston Office Market Realizes Slight Decrease In Vacancy Rate, Slight Increase In Asking Rents
Richards Barry Joyce & Partners’ Q1 Report Shows Vacancy At 17.8%, Down 0.2%
Boston, MA – April 25, 2006 – The Greater Boston office market saw vacancy drop by 0.2% to 17.8% in Q1 2006, according to a new research report from Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate firm based in Boston. At the same time, average asking rents in the market inched up slightly by $0.10 to $31.74 per square foot.
The market realized 1.4 million square feet of positive absorption during the quarter, reversing a two-quarter trend of negative absorption. The data was released in RBJ’s “Greater Boston – First Quarter 2006 Office Report.”
The report features a re-design that is intended to make the information easier to read, use and navigate. The report offers an overview with the main highlights for Greater Boston as a whole, a section that details findings on each submarket, and a table that compiles all the pertinent rates and figures into one highly useful reference. The “Market Interesting” section provides a unique look at a market trend and examines two niche product types that are significantly amplifying landlords’ net effective rents.
“We are seeing strong demand for premium space in Waltham, MA and high floor space in Boston’s Central Business District,” noted Brendan Carroll, director of research at Richards Barry Joyce & Partners. “While the Greater Boston commercial office market is characterized by a demand recovery that has slightly lagged the national average, these two niche product types are significantly amplifying landlords’ Net Effective Rent, or the money they have to service debt and to provide an investment return.”
Other findings of the report include:
- Premium space powered the market, with 84% of total absorption occurring in Class A properties.
- Superior, RBJ Index properties in Waltham are 9.4 percent vacant; 46 percent of all direct availabilities in Route 128 West were re-priced more expensively this quarter alone.
- Construction will likely begin on more than 500,000 SF in Waltham over the next two quarters; Net Effective Rents for some premium assets in Waltham are nearly three times year ago levels and now support development.
- Two million square feet, or 37%, of all Greater Boston absorption over the past seven quarters has occurred along Route I-495.
- Westwood Station, the region’s first Smart Growth-inspired development project, may include two speculative office projects totaling 300,000 SF.
To request a copy of RBJ’s “Greater Boston – First Quarter 2006 Office Report.”, please send an email to research@rbjrealestate.com. In addition to the quarterly Office report, RBJ also publishes quarterly Flex and Industrial reports, covering all submarkets, and quarterly MarketSTATus reports for the following submarkets: 128 North, 128 West, 495 North, 495 West, Cambridge, Back Bay & Financial District.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 82,000 Square Foot Lease For Realty Associates Fund VI, LP
Landlord Signs Lease With Iron Mountain Information Management, Inc. At 120 Turnpike Road, Southborough
Boston, MA – April 19, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a new 81,792 square foot lease for Realty Associates Fund VI, LP. The landlord signed a lease with a division of Iron Mountain (NYSE: IRM) at 120 Turnpike Road at Southborough Office Park, in Southborough, MA.
Iron Mountain, the global leader in information protection and storage services, has leased the entire building. 120 Turnpike Road is a three-story, first class office building located just two miles from Route I-495 and the Mass Pike on Route 9. The building overlooks the Southborough Reservoir and features a two-story atrium and full-service cafeteria.
John Lashar, Brian McKenzie and Paul Leone of Richards Barry Joyce & Partners represented Realty Associates Fund VI, LP. RBJ is the exclusive leasing agent for 120 Turnpike Road. Iron Mountain was represented by Alexander Dauria of Spaulding & Slye, a member of the Jones Lang LaSalle group.
“Southborough Office Park is a very attractive location in the I-495 West submarket,” said John Lashar, partner, Richards Barry Joyce & Partners. “It has excellent on-site and local amenities and offers easy access to the highways. The building is well suited to a single user and is a very good option for Iron Mountain.”
According to research by Richards Barry Joyce & Partners, the I-495 West submarket consists of 16,203,000 square feet of office space and is 21.0% vacant, as of the quarter ended March 31, 2006. [Source: “Greater Boston First Quarter 2006 Office Report”]
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners and NAI Hunneman Commercial Broker 113,000 SF Lease in Westborough, Mass. for Campanelli Companies
BJ represents the landlord, Campanelli Companies, and NAI Hunneman Represents the Tenant, RenaMed Biologics; the Long-Term Lease Brings RenaMed To 20 Walkup Drive
BOSTON – March 29, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, and Boston-based NAI Hunneman Commercial announced today that they have brokered a 15-year, 113,000-square-foot lease at 20 Walkup Drive in Westborough, Mass., between Campanelli Companies and RenaMed Biologics, Inc.
RenaMed leased the entire building and will use the space for office, laboratory and research & development. The company will move its corporate headquarters to 20 Walkup Drive from Lincoln, RI, in a phased-in approach beginning in July 2006. RenaMed is the leading clinical stage company focused on the development of proprietary Bio-Replacement Therapies for critical disease states involving severely compromised kidney function.
Brian McKenzie, John Lashar and Paul Leone of Richards Barry Joyce & Partners represented Campanelli Companies in the lease. Joe Flynn, vice president at NAI Hunneman Commercial, represented RenaMed Biologics.
“20 Walkup Drive is a very unique building that we knew would resonate with the right tenant,” said Stephen J. T. Murphy, principal, Campanelli Companies. “The building matched RenaMed Biologics’ needs very well, with office, laboratory and R&D space. We relied significantly on RBJ’s experience with the building and knowledge of the marketplace to find RenaMed as a tenant.”
“This lease is great news for Massachusetts as it clearly demonstrates that we are once again attracting top-notch manufacturing and medical device companies like RenaMed to our state,” said Joe Flynn, vice president, NAI Hunneman. “From our client’s perspective, the Westborough facility is uniquely situated to meet their manufacturing needs now and it provides their overall space needs as they advance to the next stage of their development.”
Richards Barry Joyce & Partners had been the exclusive leasing agent for 20 Walkup Drive since Campanelli Companies purchased the building from Zygo Corporation in March 2005. In that transaction, RBJ represented Zygo.
“Finding the right tenant gets more complicated when a building has different kinds of space,” said Brian McKenzie, partner, Richards Barry Joyce & Partners. “In this case, we had a building with three types of space, therefore we needed to find a company that had needs for all those types. We feel that RenaMed is a terrific fit for 20 Walkup Drive.”
“We spent a significant amount of time in the market with RenaMed, formerly Nephros Therapeutics, before identifying this facility for them,” said Mr. Flynn. “Up until now, there has been very little need for a biotech manufacturing facility of this kind and size except in the Cambridge market. Recently, biotech companies have begun to look more at the outer suburbs to find facilities with space that will satisfy their requirements at rates that are more competitive than the Cambridge market.”
According to research by Richards Barry Joyce & Partners, the I-495 West submarket consists of 17,800,000 square feet of office space and is 21.1% vacant, as of the quarter ended December 31, 2005. The submarket has attracted positive absorption seven of the past eight quarters and Q4 2005 marked the third consecutive quarter of positive absorption for Marlborough. [Source: “Greater Boston Office Market – Winter 2005”]
About Campanelli Companies
Established in 1947, Campanelli Companies is a full service commercial real estate development company with extensive experience in the industrial, office, warehouse/distribution and retail markets. To date, Campanelli has developed over 15 million square feet of commercial real estate property. Campanelli has worked with a variety of capital sources including banks, insurance companies, pension funds and real estate investment trusts. Campanelli's extraordinary track record as a developer means that the company can match a project to the lowest available cost of capital, which translates into the most competitive market rates for every development proposal.
Campanelli works closely with its clients during every phase of a development project, including site selection, feasibility analysis, local, state and federal permitting, architectural and engineering design, building construction, as well as facilities and property management. All phases of a project are handled by a cohesive development team that has worked together for over thirty years. Campanelli serves as the general contractor on all of its development projects. As both the developer and general contractor, Campanelli can assure its clients that every aspect of a project is directed, monitored and controlled by Campanelli Companies. For more information, visit www.campanelli.com.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
About NAI Hunneman Commercial:
Founded in 1929 and headquartered in Boston, NAI Hunneman Commercial is a leading provider of commercial real estate services to corporations, institutions and the private market. Through its association with NAI, NAI Hunneman Commercial is a local firm with global reach offering brokerage and project management services in more than 340 markets across the nation and around the world. For more information, visit our website at www.NAIHunneman.com.
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Richards Barry Joyce & Partners’ Investment Sales Group Brokers Sale Of Locke Drive Portfolio For $24.1 Million
Three-Building Portfolio in Marlborough, MA Purchased By Davis Investments Ventures, Inc.
Boston, MA – March 14, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, today announced that it brokered the sale of three buildings – 111, 140 and 150-170 Locke Drive, Marlborough, MA – on behalf of First, Second, Third Marlborough Development Trust. The Locke Drive portfolio was purchased by Davis Investments Ventures, Inc. for $24.1 million.
Located immediately off I-495 at Route 20, the three-building portfolio totals roughly 295,700 square feet. The single-story buildings feature office, R&D and flex space. Current tenants include Sepracor, Inc., Motorola, FONS Corporation (part of ADC), Allied Printing and Xcellerex.
Richard Herlihy, John Lashar, Michael Frisoli, Paul Leone and Richard Bradbury of Richards Barry Joyce & Partners represented the building seller and procured the buyer.
“We have encountered a very strong market so far in 2006, with the I-495 West submarket showing particularly high levels of both sale and leasing activity,” said John Lashar, partner, Richards Barry Joyce & Partners. “Given their location, flexibility and tenant roster, these three buildings on Locke Drive comprise a very attractive portfolio.”
According to research by Richards Barry Joyce & Partners, the I-495 West submarket consists of 17,800,000 square feet of office space and is 21.1% vacant, as of the quarter ended December 31, 2005. The submarket has attracted positive absorption seven of the past eight quarters and Q4 2005 marked the third consecutive quarter of positive absorption for Marlborough. [Source: “Greater Boston Office Market – Winter 2005”]
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Appoints Kristin O’Shea To National Brokerage Services Team
Commercial Real Estate Professional Joins Firm From Spaulding & Slye Colliers
Boston, MA – March 8, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, is pleased to announce that Kristin O’Shea has joined the firm’s National Brokerage Services team.
In her new role at RBJ, Ms. O’Shea will focus on client support and service and will work closely with the firm’s national accounts, including Sapient, PAREXEL International Corporation, OneBeacon Insurance Group, Forrester Research, and Corning Incorporated. Immediately prior to joining the firm, she was with Spaulding & Slye Colliers, working as a commercial real estate broker focusing on landlord and tenant transactions in Greater Boston’s Metrowest market. Her clients included General Investment & Development, RREEF, Berkeley Investments and MARIC, Inc. Previously, she was in Account Services at Digitas where she created marketing campaigns for clients such as AT&T, FedEx and American Century Investments.
“Kristin is an excellent addition to the RBJ team,” said Robert Richards, president, Richards Barry Joyce & Partners. “She has already displayed the strong sense of client service that we hold as a hallmark of our firm. She fits in very well with our team and clients.”
“I am very pleased to have joined RBJ,” said Ms. O’Shea. “The firm has an excellent reputation within the industry and I appreciate its focus on clients and teamwork. This is a terrific opportunity for me and I am looking forward to working with the team and the clients.”
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Represents Brookfield Properties
In 110,323 SF Lease At 75 State Street
Sovereign Bank Extends Lease On First, Third and Fourth Floors
Boston, MA – February 27, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, has announced that it brokered a 110,323 square foot lease for Brookfield Properties (NYSE: BPO) at 75 State Street, in Boston’s Financial District. The landlord signed a lease extension with Sovereign Bank.
Sovereign Bank extended their lease for 10 years. The 110,323 square feet are on part of the first floor and all of the third and fourth floors. The first floor includes the bank’s branch office.
“This lease underscores our commitment to maintaining a significant corporate presence in Boston and we are very pleased to extend our stay at 75 State Street,” said Joseph P. Campanelli, president and CEO of Sovereign Bank’s New England division. “This building is one of the highest quality locations in Downtown Boston. 75 State Street offers us a strong retail presence and an excellent setting in the Financial District.”
Michael Joyce, Thomas Ashe and Tom O’Regan of Richards Barry Joyce & Partners represented Brookfield Properties. RBJ is the exclusive leasing agent for 75 State Street. Trammell Crow Company represented Sovereign Bank.
“We consider it a success any time we retain a great tenant like Sovereign Bank,” said David Cheikin, vice president-leasing, Brookfield Properties. “We are delighted to have signed a long-term lease and look forward to working with Sovereign Bank for many years.”
According to research by Richards Barry Joyce & Partners, the financial district in Downtown Boston consists of 33,276,000 square feet and is 13.8% vacant, as of the quarter ended December 31, 2005 (source: Richards Barry Joyce & Partners’ “Greater Boston Office Market – Winter 2005”).
About Brookfield Properties Corporation
Brookfield Properties Corporation, one of North America's largest commercial real estate companies, owns, develops and manages premier office properties. The portfolio comprises 66 commercial properties totaling 48 million square feet and ten development sites totaling eight million square feet in the downtown cores of New York, Boston, Washington, D.C., Toronto, Calgary and Ottawa. Landmark properties include the World Financial Center in New York City and BCE Place in Toronto. Brookfield Properties trades on the New York and Toronto stock exchanges under the symbol BPO. For more information, visit www.brookfieldproperties.com.
About Sovereign Bancorp, Inc. and Sovereign Bank
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent company of Sovereign Bank, a $64 billion financial institution with more than 650 community banking offices, over 1,000 ATMs and approximately 10,000 team members with principal markets in the Northeast United States. Sovereign offers a broad array of financial services and products including retail banking, business and corporate banking, cash management, capital markets, trust and wealth management and insurance. Sovereign is the 18th largest banking institution in the United States. For more information on Sovereign Bank, visit http://www.sovereignbank.com or call 1-877-SOV-BANK.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 224,000 SF Of Lease Transactions For LTX Corporation
Firm Brokers Two Leases For Semiconductor Company,
Including Office Space For New Worldwide Headquarters
Boston, MA – February 21, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, assisted LTX Corporation (Nasdaq: LTXX) in the semiconductor testing solution provider’s termination of one lease and search for a new worldwide headquarters. The two transactions combined for a total of 224,000 square feet.
Michael Frisoli, partner, and Cal Hudak, associate, of Richards Barry Joyce & Partners represented LTX Corporation in signing a 56,000 square foot lease at 825 University Avenue, Norwood, MA for the company’s headquarters, as well as terminating a 167,500 square foot lease at 50 Rosemont Drive in Westwood, MA. Lincoln Property Company represented Cabot, Cabot & Forbes, the landlord for 825 University Avenue.
“LTX was able to realize a major savings by eliminating a long-term lease and relocating to a new state-of-the-art worldwide headquarters,” said Michael Frisoli, partner, Richards Barry Joyce & Partners. “The transaction was enhanced due to the new building being within close proximity of the former headquarters, thereby minimizing the disruption for employees.”
According to research by Richards Barry Joyce & Partners, the 128 South submarket consists of 10,984,000 square feet of office space and is 15.5% vacant, as of the quarter ended December 31, 2005 (source: Richards Barry Joyce & Partners’ “Greater Boston Office Market – Winter 2005”).
About LTX Corporation
LTX Corporation (Nasdaq: LTXX) is a leading supplier of test solutions for the global semiconductor industry. Fusion, LTX's patented, scalable, single-platform test system, uses innovative technology to provide high performance, cost-effective testing of system-on-a-chip, mixed signal, RF, digital and analog integrated circuits. Fusion addresses semiconductor manufacturers' economic and performance requirements today, while enabling their technology roadmap of tomorrow. LTX's web site is www.ltx.com.
LTX and Fusion are registered trademarks of LTX Corporation.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers Sale Of 125 Constitution Boulevard, Franklin, MA
134,000 Square Foot Building Sold By National Development For $8.195 Million
Boston, MA – February 15, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered the sale of 125 Constitution Boulevard, Franklin, MA on behalf of National Development. The 134,133 square foot building was sold for $8.195 million to W.J. Connell Company.
National Development purchased the office and warehouse facility in the fall of 2004 from Dunkin’ Donuts Northeast Distribution Center, Inc. (Dunkin’ Donuts NEDC). Following the sale Dunkin’ Donuts NEDC entered into a lease agreement for the entire building prior to moving to its new facility on Depot Street in Bellingham, MA. The new facility was developed by National Development.
National Development was represented in the transaction by John Lashar, Paul Leone, Richard Herlihy and Richard Bradbury of Richards Barry Joyce & Partners. W. J. Connell Company, which plans to move to 125 Constitution Boulevard from its Foxboro location in early 2006, was represented by Cathy A. Minnerly of Cushman & Wakefield.
“The same attributes of the building that attracted us as an investor also attracted a high quality user in W. J. Connell Company,” said Ted Tye, managing partner, National Development. “We are pleased to have closed on the transaction with them with no downtime. We appreciate the efforts of Richards Barry Joyce & Partners in helping to identify and qualify W. J. Connell Company.”
About National Development
National Development is an interdisciplinary real estate company that provides development, construction, asset management and investment acquisition services. The Newton, Massachusetts-based firm is ranked as one of the largest development companies in Massachusetts. National has a diverse product base with major projects in the office, industrial, retail, senior housing, multifamily, hotel and institutional sectors. Since 1983, National Development has developed over twelve million square feet in 40 communities throughout the region. In addition, the firm manages over six million square feet of assets. www.natdev.com
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 96,000 SF Of Leases In Marlborough, MA
Firm Represents Park Development Group and Northland Investment Corporation
In Two Leases On Locke Drive
Boston, MA – January 24, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, has announced that it brokered two leases totaling 96,000 square feet in Marlborough, MA. The firm represented the Park Development Group and Northland Investment Company in leases at 111 Locke Drive and 33 Locke Drive, respectively.
Details of the two transactions are:
111 Locke Drive, Marlborough. RBJ represented Park Development in a 71,145 square foot lease renewal with Sepracor, Inc. at 111 Locke Drive, Marlborough, MA. John Lashar, Michael Frisoli and Paul Leone of RBJ represented Park Development Group. Sepracor, a research-based pharmaceutical company that is dedicated to treating and preventing human disease through the discovery, development and commercialization of innovative pharmaceutical products, was represented by Joe Fallon and Eric Foster of Trammell Crow Company.
33 Locke Drive, Marlborough. RBJ represented Northland Investment Corporation in a 25,000 square foot lease with Sepracor at 33 Locke Drive, Marlborough, MA. John Lashar, Michael Frisoli and Paul Leone of RBJ represented Northland. Sepracor was represented by Joe Fallon and Eric Foster of Trammell Crow Company.
“The I-495 West submarket continues to show strong signs of improvement,” said John Lashar, partner, Richards Barry Joyce & Partners. “The region continues to attract tenants in a variety of markets that are looking for the flexibility, highway access, and proximity to large employee pools that it offers.”
According to research by Richards Barry Joyce & Partners, the I-495 West submarket consists of 17,800,000 square feet of office space and is 21.1% vacant, as of the quarter ended December 31, 2005. The submarket has attracted positive absorption seven of the past eight quarters and Q4 2005 marked the third consecutive quarter of positive absorption for Marlborough. [Source: “Greater Boston Office Market – Winter 2005”]
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 70,000 SF Of Leases At 80 Central Street, Boxborough, MA
Firm Represents 80 Central Street, LLC and Broadbus, Inc.
Boston, MA – January 23, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, has announced that it represented 80 Central Street, LLC in two leases at 80 Central Street, Boxborough, MA. The leases total more than 70,000 square feet.
The landlord was represented in both transactions by Brian McKenzie, John Wilson, and James Lipscomb of Richards Barry Joyce & Partners, the exclusive leasing agent for 80 Central Street. RBJ also represented one of the tenants, Broadbus Technologies, Inc. in their lease.
“Broadbus Technologies had their pick from several options in the marketplace and decided to remain at 80 Central Street,” said James Lipscomb, vice president, Richards Barry Joyce & Partners. “They appreciate the building’s location, image, growth flexibility, amenities and existing infrastructure to support electronic labs.”
Details of the two transactions are:
Broadbus Technologies, Inc., the leading provider of next-generation video on-demand (VOD) server technology, signed a lease expansion and extension, growing from roughly 28,000 square feet to 49,000 square feet at 80 Central Street. Richards Barry Joyce & Partners also represented Broadbus in the transaction.
National Grid Wireless, a division of National Grid Transco, signed a new lease for 21,677 square feet on the second floor of 80 Central Street. The company, which is moving from Westborough, MA, was represented by Robert Walles of CB Richard Ellis.
According to research by Richards Barry Joyce & Partners, the I-495 North submarket consists of 14,929,000 square feet and is 27.9% vacant, as of the quarter ended December 31, 2005.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers $3.9 MM Property Sale
Firm Represents TranXenoGen Corporation In Sale Of 800 Boston Turnpike, Shrewsbury, MA To Taming of the Shrewsbury, LLC, An affiliate of Vinco Properties, Inc.
Boston, MA – January 11, 2006 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered the sale of 800 Boston Turnpike, Shrewsbury, MA for TranXenoGen Corporation. (LSE: TXN.L). The 80,000 square foot building was purchased for $3.9 million by Taming of the Shrewsbury, LLC, an affiliate of VinCo Properties, Inc.
800 Boston Turnpike is a mixed use facility, with office, research/laboratory and warehouse/manufacturing space. The building, which is located on Route 9, is centrally located within the metrowest area and offers excellent access to Route I-495.
John Lashar, partner, Brian McKenzie, partner and Paul Leone, vice president, of Richards Barry Joyce & Partners represented TranXenoGen and procured the building buyer, Taming of the Shrewsbury. Richards Barry Joyce & Partners was also named the building’s exclusive leasing agent.
“This building has tremendous potential and, given its location and flexibility for use, is one of the best facilities in the market for a life science and manufacturing requirement,” said Vincent O’Neill, president of VinCo Properties, Inc. “It’s an excellent investment acquisition for our firm.”
According to research by RBJ, the I-495 West submarket consists of 4,841,000 square feet of flex space and is 24.0% vacant, as of the quarter ended December 30, 2005 [source: Richards Barry Joyce & Partners’ Q4 2005 market statistics.
About TranXenoGen, Inc.
TranXenoGen, Inc. is a biotechnology company focused on developing new methods for manufacturing therapeutic proteins and a portfolio of products. Its product pipeline includes Anti-Neoplastic Urinary Protein ("ANUP") for the treatment of several types of cancer, Insulin and Human Serum Albumin ("HSA"). The Company believes that its technology platform will have multiple applications including the generation of transgenic chickens for the manufacture of high volume therapeutic proteins, and animal models for the study of disease TranXenoGen is developing its technology platform for the production of generic biologicals (e.g., Insulin and HSA), contract manufacturing of third party products and potential applications in the areas of biodefense and vaccine development. In addition, the Company is exploring licensing of both the technology and products for certain geographic areas and commercial applications.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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