Richards Barry Joyce & Partners Brokers Leases On Behalf Of Campanelli; Jones Lang LaSalle Represents SAIC?
BOSTON ? July 30, 2012 ? Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, brokered two leases on behalf of Campanelli at 700 and 900 Technology Park Drive in Billerica, Mass.? The tenant in both leases is Science Applications International Corporation (SAIC).
SAIC, a Fortune 500 scientific, engineering, and technology applications company, signed a new 10,555 square foot lease for office and R&D space on the first floor of 900 Technology Park Drive and renewed a 4,238 square foot office lease on the second floor of 700 Technology Park Drive.? The SAIC group moving to 900 Technology Park Drive is relocating from 28 Crosby Drive in Bedford, Mass.? The group was formerly with Reveal Imaging Technologies, which was acquired by SAIC in 2010.
The Richards Barry Joyce & Partners team of Brian McKenzie, John Wilson, James Lipscomb and Emma Geldmacher worked with Campanelli?s Peter Brown, Director of Leasing, and Mark Carroll, Senior Director of Asset Management.? RBJ&P is the exclusive leasing agent for 700 and 900 Technology Park Drive.? SAIC was represented by Brian Morrissey and Neil Ross of Jones Lang LaSalle.
?Both 700 and 900 Technology Park Drive are significantly outperforming the surrounding market,? said James Lipscomb, senior vice president, Richards Barry Joyce & Partners.? ?It?s good to see a Fortune 500 company such as SAIC make the decision to not only remain in these buildings but to increase its presence here.? The leasing success is a direct testament to Campanelli?s hands-on ownership approach and to the improvements made in the buildings.?
About 700 and 900 Technology Park Drive
700 and 900 Technology Park Drive were part of an eight-building portfolio purchased in 2010 by a joint venture partnership between Campanelli and Dallas-based TriGate Capital.? The buildings are located directly off Route 3, within five miles of both I-495 and Route 128. Situated in a mature park setting, the buildings comprise a total of more than 87,000 SF of office space.? 700 Technology Park offers a fitness center and the park features daycare and a hotel.? 700 and 900 Technology Park Drive can accommodate tenants looking for space from 2,000 to 20,000 SF.
After acquiring the buildings, Campanelli immediately began significant renovations.? The buildings feature redesigned lobbies, new ceilings, lighting and floor finishes to the common areas, upgraded finishes to the common fitness facility, as well as upgrades to the parking lots and landscaping.
About the Market ? Route 128 North Office
According to research by RBJ&P, the Route 128 North submarket consists of 25,789,000 square feet of office space and was 17.9% vacant, as of the quarter ended June 30, 2012. .? Tenants have absorbed 1.5 million square feet in the submarket over the past ten quarters, making it one of the best such performing areas within the market in the decade.
About Campanelli
Established in 1947, Campanelli is a full-service commercial real estate development, acquisition and construction company with extensive experience in the industrial, office, medical, warehouse/distribution and retail markets. To date, Campanelli has developed over 20 million square feet of commercial real estate property in New England and down the Eastern United States. The company?s signature capabilities include land development, design and build, redevelopment and value-added acquisitions.? It is Campanelli?s all-encompassing and quality services that have led to its successful track record as a highly-regarded developer; from site selection, feasibility analysis, local, state and federal permitting, to architectural and engineering design, building construction and facilities and property management.? For more information, please visit our new website at 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, capital markets solutions, financial analysis, corporate services, portfolio review, and consulting services.? For more information, please visit our website at www.rbjrealestate.com.? Follow us on Twitter at @RBJ_Partners.
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