Cushman & Wakefield Lands Leasing Assignment At The District

The District Burlington

Cushman & Wakefield has been named the new leasing agent at The District in Burlington, a 1.1 million-square-foot redevelopment of the former New England Executive Park.

Up to 200,000 square feet of office space is available, including spaces as small as 2,000 square feet.

National Development, AEW Capital Management and Charles River Realty Investors acquired the property in 2013 for $216 million. The repositioning plan has added restaurants including Island Creek Oyster Bar, a 170-room Residence Inn by Marriott now under construction and Life Cycle Wellness.

Ownership is seeking to attract additional tech companies to join recent arrivals such as Trillium Software, Black Duck Software and Ping Identity. Some 80,000 square feet on four floors is available in a new addition at the 11-story 700 District Ave. office building, where a green roof terrace was completed last year.

The property also contains an approved pad for a 180,000-square-foot build-to-suit office building.

Cushman & Wakefield Managing Director Michael O’Leary leads the leasing efforts. JLL previously represented ownership.

The project is one in a series of redevelopments of single-use office parks along Route 128.

Nordblom Co. has added 300,000 square feet of retail in the 2.5-million-square-foot Northwest Park in Burlington, where construction of an Archer Hotel and Lifetime Fitness club is under way in the next phase of redevelopment. Burlington-based Nordblom also is seeking tenants for a fully-permitted 180,000 square-foot build-to-suit office building.

While suburban office markets are facing increasing competition from sought-after downtown workspaces, the Route 128 submarket had 433,000 square feet of positive absorption during the fourth quarter of 2016, according to a report by Transwestern. That brought the vacancy rate down 0.5 percent to 12.9 percent. The bulk of the absorption, at 331,000 square feet, was in the Route 128 North market.

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Cushman & Wakefield Lands Leasing Assignment At The District

by Banker & Tradesman time to read: 1 min