Nuvera Fuel Cells LLC has renewed its 110,684-square-foot lease at 129 Concord Road in Billerica.
The subsidiary of Hyster-Yale Group, which manufactures hydrogen supply and fuel cell power products, relocated its headquarters to the property in 2006.
The 2-story glass and masonry building was built in 1983 and renovated in 2001. The long-term lease extension provides for roof and parking lot renovations scheduled to be completed this year.
Newmark Knight Frank’s Richard Ruggiero, Matthew Adams, Torin Taylor, Rory Walsh and Liz McNeill negotiated the lease renewal on behalf of Nuvera. Brian McKenzie of Transwestern represented ownership, KBS Realty Advisors.
“The market for Class A office and R&D properties was limited and Nuvera wanted to secure a long-term solution for its current and future requirements,” Ruggiero said in a statement. “Working with ownership, we were able to negotiate favorable renewal terms which allow for a tenant improvement allowance and base building renovations, as well as expansion options to include both office and manufacturing space for potential future growth.”