CBRE/New England leased more than 145,000 s/f at Brickstone Sq. CBRE/NE represented its client, a joint venture between KS Partners and Oaktree Capital, in all transactions.
The most recent lease to Broadcom was also the largest lease executed under the new ownership team. The deal totaled just over 60,000 s/f and included an expansion of 17,000 s/f. A Fortune 500 global company, Broadcom is one of the largest semiconductor manufacturers in the world.
Other leases include a 29,000 s/f renewal with ORA, an independent, fullservice ophthalmic clinical research and product development firm; 20,500 s/f to Northeast Document, an independent document conservation laboratory; 16,250 s/f to ALKU, a SAP recruitment and PeopleSoft recruiting agency; 11,000 s/f to Lease and Rental Management Corp., an automotive financing service provider for franchised and independent auto dealers; 6,700 s/f to Cairnstone (Munich Re Stop Loss), a provider of risk management services and stop loss products; and 4,000 s/f to NDD Medical, a Switzerland-based developer and distributor of spirometry products.
CBRE/NE's Kerry Olson Hawkins, Jason Levendusky and Jake Borden represented building owners in all transactions. Broadcom and ALKU were represented by Cresa, Avison Young represented ORA, DTZ represented Northeast Documents and Cushman & Wakefield represented Cairnstone.
"Coming off its strongest year since 2001, Andover continues to see improving market conditions and an influx of new capital," said Hawkins. "Companies like Broadcom continue to choose the Andover market due to its national reputation, unparalleled highway access and diverse labor pool. Oaktree Capital and KS Partners' commitment to reinvesting in the property speaks to their dedication to attracting quality tenants like these."
"After purchasing the complex in 2014, we have embarked on a $5 million renovation and repositioning of this landmark property," said KS Partners' founder and president Kambiz Shahbazi. "Our plans include a fully renovated cafeteria and a new fitness center, along with the addition of a flexible conference facility, game room, connected outdoor spaces and new lobbies. The message has been well received by our existing tenant base and we are pleased with the quality tenants we are attracting with these offerings."
Brickstone Sq. is a 1.006 million s/f, four-building office complex spanning from 100-400 Brickstone Sq. near I-93 and 495. Additional amenities include a Bright Horizons day care facility, a convenience store and outdoor space.