Berkeley Investments was represented by Eric Ekman, project manager, and Steven Brooks, vice president of Asset Management, and Dan Krysiak of Grubb & Ellis. Fulcrum Research Group was represented by Brendan Daly of NAI Hunneman.
Fulcrum Research Group provides strategic market research to leading pharmaceutical and biotechnology companies. The company works on engagements across product lifecycles but focuses on pre-launch products (e.g., drugs, vaccines, and biologics in development). While most of their clients are U.S. based companies, they work on engagements around the globe, including both the developed and developing world.
Opening in 1854 and operating at the site for a century, the Waltham Watch Company became the first watch manufacturer in the world to mass-produce a complete watch under one roof and make quality watches affordable to a broader population.
Berkeley Investments is transforming the 400,000 s/f historic complex into a mix of offices, loft-style apartments and retail uses with riverfront amenities. Phase 1 consists of 160,000 s/f of newly renovated brick-and-beam office space, which is now 39% leased.
Completed improvements provide new building systems, modern finishes combined with attractive historic features, sandblasted brick walls and exposed wood ceilings. The property also offers a fitness center, a Waltham Watch Company history exhibit and landscaped courtyards with walkways and seating areas that create a campus-like environment.
Phase 2 of the project will provide 96 loft style apartments, a café and a restaurant. Construction is underway and will be completed in the summer of 2011. Phase 3, targeted for a 2011 start, will include the renovation of an additional 77,000 s/f of office space and a structured parking garage.
The Watch Factory is located less than two miles from the Massachusetts Turnpike, less than three miles from Route 128/I-95 and within walking distance of the Waltham Commuter Rail Station on Moody Street. Bus routes pass by the property and Berkeley Investments has partnered with the 128 Business Council to offer a shuttle bus to nearby Commuter Rail Stations. Phase 1 has over 535 surface parking spaces available for office tenants. The Watch Factory is also located within walking distance of "Restaurant Row" and other amenities on Moody Street and has direct access to the Charles River walking and bike path.
Erik Coats, managing partner of Fulcrum Research Group, said, "We are very excited to be moving our company into the Watch Factory. The location, the feel and the space all make it the best choice in Waltham for a small business like ours."
Berkeley Investments, Inc. is a real estate investment, development and asset management company with a focus on urban commercial and mixed-use properties. Berkeley Management, Inc., an affiliate of Berkeley Investments, Inc., will provide on-site property management and maintenance services. Berkeley's reputation has been built upon its hands-on management focus, skills as a value-based investor and regional market penetration and expertise.
