Calare Propertes acquires 42,000 s/f One Westinghouse Plaza Building K

Boston, MA Calare Properties (Calare) acquired One Westinghouse Plaza Building K, a 42,000 s/f industrial warehouse/flex condominium in the city’s Hyde Park section. The urban property is within a 22-acre, 10-building industrial and mixed-use site with a manufacturing history dating back to the early 1900s.

The building is nearly 50% leased to a long-term tenant with more than eight years remaining. The available space provides a unique opportunity for a tenant to secure a long-term lease in a market where quality industrial space is scarce. One Westinghouse Plaza offers 22-plus ft. ceiling heights, four drive-in doors, four interior loading docks, outside industrial storage and parking. Calare is in the process of executing a capital improvement plan to modernize the property.

“Quality industrial buildings of this scale are exceptionally rare in Boston, and that scarcity is exactly what drives our strategy,” said Tim Collis, senior vice president at Calare. “Being part of an established, well-run campus gives us both immediate stability and long-term upside as we execute our planned capital program and long-term leasing strategy.”

Boston’s urban industrial submarket remains one of the tightest in the region. Industrial warehouse and flex space in Boston’s urban core has become harder to find in recent years as demand has climbed and available supply has continued to shrink. Much of the older industrial stock in the inner Boston market has been torn down over the past two decades to make way for multi-family, retail, and office development, leaving few comparable buildings for tenants who need this type of space.

Building K is one of 10 buildings within the Westinghouse Plaza campus. Over the past 50 years, the site has evolved to include warehouse, manufacturing, retail, and residential uses. Located seven miles from downtown Boston, One Westinghouse Plaza has direct access to I-95/128, 93, and 90, as well as nearby rail service and Logan International Airport.