Amenities, urban conveniences and location support tenants hunt for top talent
BOSTON, March 13, 2019 – The two largest tenants at The District Burlington have signed long-term lease extensions at the development, a sign that the recent upgrades and investment made to this mixed-use development are paying dividends for large companies looking to attract top talent.
BAE Systems, the largest tenant at the project, signed a 135,018 square-foot lease extension, extending their access to Greater Boston’s talented and experienced workforce. BAE Systems was represented John Carroll III & Bill Lynch at Colliers. National Development and AEW Capital Management, the ownership venture of The District Burlington, were represented by Michael O’Leary, John Boyle and Elizabeth McLaughlin at Cushman & Wakefield. A second existing tenant also signed a long-term extension for nearly 125,000 square feet.
The District Burlington is a vibrant business environment that meets the needs of today’s innovative workforce. With more than 80,000 square-feet of new state-of-the-art office space, many open space improvements and 160,000 square-feet of new amenities that includes a hotel, six restaurants and garage parking, The District is a desirable destination tenants not only want to work in, but also play, stay and grow in. Within the last 9-months, The District has had over 30 leases signed totaling almost 450,000 square-feet.
“We’re committed to The District because it is a prime location to seek top talent as we continue to expand our Massachusetts footprint,” said Cheryl Hafferty, Burlington site executive at BAE Systems. “We are actively hiring world-class scientists, engineers, and technology development managers to support the critical research and development work we do in key technology areas such as advanced electronics, autonomy, and cyber resilience.”
“The District is one of the most walkable work/play/stay destinations in Greater Boston, and its location is extremely convenient and accessible,” said Michael O’Leary, Managing Director at Cushman & Wakefield and lead broker for ownership of The District Burlington. “The recent leases are clear evidence of the benefits that The District offers to tenants. We expect the momentum to continue at the project and the remaining availabilities to fill up quickly, including an incredibly unique 180,000 square foot build-to-suit opportunity.”
“We could not be more excited to extend the relationship with the two largest companies at The District,” said Leah Harsfield, Vice President at National Development. “We know how important healthy food options, amenities and community engagement are to our tenants, and our significant investments at the property reflect what today’s growing companies need and want in a workplace.”
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 commercial office, mixed-use, multi-family, 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 and ndcommunities.com or follow @nationaldevelop and @ndcommunities on Twitter.
About AEW Capital Management
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage approximately $74.8 billion of property and securities in North America, Europe and Asia (as of December 31, 2018). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW 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, London, Paris, Düsseldorf, Hong Kong, Singapore, Sydney and Tokyo, as well as additional offices in eight European cities. For more information please visit www.aew.com.