Emerging submarket thriving for tech tenants seeking proximity to Orange Line, Station Landing and Assembly Row
BOSTON, April 11, 2019 – National Development/Charles River Realty Investors has finalized the purchase of 20 Cabot Road in Medford, MA from Citizens Bank. 20 Cabot Road, built in 1987, is a 116,490 SF office building on 8.3 acres located just a few minutes walk from the Orange Line’s Wellington Station. Simultaneously, National Development/Charles River executed a 10-year lease back to Citizens for 85,200 SF and will be working with Cushman & Wakefield to lease the remaining 31,290 SF to a new tenant or tenants. The space is demisable and able to accommodate tenants needing 6,000 to 32,000 SF. National Development will be the property manager.
National Development/Charles River will make significant improvements to the building including an updated lobby and common areas, a new fitness center, landscape enhancements and updated signage. The property sits on the Malden River, adjacent to the Wellington Greenway, a two-mile path along the water that is used for running, biking and walking.
The Cabot Road area is seeing significant tenant interest particularly with tech tenants looking beyond the CBD and Cambridge area for more affordable, easily accessible office locations. The area is also drawing office tenants migrating from the suburbs that are seeking an urban, transit-orientated location in hopes of attracting young talent that lives and wants to work closer to the city. It was recently announced that Amazon is leasing approximately 50,000 SF at One Cabot Road. The Boston Globe reports that “the office, which will house about 200 staffers working mainly on Amazon’s Alexa voice-operated systems, is set to open later this spring.” (Boston Globe, April 2, 2019)
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About National Development
For over 25 years, National Development has been one of the most active real estate development firms in Massachusetts. Specializing in multi-family, commercial office, mixed-use, retail, industrial, hotel and senior housing projects, National Development and its affiliates have developed over 28 million square feet of space. National Development is also one of the region’s largest property management companies and currently manages over 9 million square feet of commercial space and 2,400 residential units in the ND Communities family of apartment homes. For more information, visit natdev.com or follow @nationaldevelop on Twitter.
About Charles River Realty Investors LLC
Formed in 2006, Charles River Realty Investors LLC, the investment arm of National Development, is a private equity real estate investment firm that employs the extensive operating and investment experience of its team to make value-added real estate investments on behalf of its institutional clients in a closed-end fund format. The firm and its principals have successfully acquired and/or developed over 25 million square feet of real estate with a value of over $4 billion.