According to Farley White Interests and Jones Lang LaSalle (JLL), The Alzheimer's Association Mass./N.H. chapter, Sabre Hospitality Solutions and Education Resource Strategies (ERS) have signed long-term leases at the recently renovated Riverworks complex located at 480 Pleasant St. Alzheimer's Association, relocating from Watertown's Arsenal on the Charles, will use a portion of the second floor, totalling 18,737 s/f, as their regional headquarters and training facility. Sabre Hospitality Solutions will relocate from Newton into its new 11,538 s/f home on the fourth floor. ERS has secured a 10,403 s/f suite on the second floor.
JLL vice president Daniel Kollar, assistant vice president Brendan Cohn, and senior vice presidents Peter Bekarian and Keith Gurtler served as brokers representing the landlord. CBRE's Robert Fitzgerald and Bill Crean negotiated on behalf of Alzheimer's Association. Keith Gurtler of JLL represented Sabre while ERS was assisted by Boston Realty Advisor's Adam Meixner and Jeremy Fried.
Riverworks, which features two inter-connecting renovated mill buildings on the banks of the Charles River, was purchased by Farley White in late 2010. As a well-known owner/operator in Greater Boston with a portfolio of approximately 2.8 million s/f, Farley White has injected new life into the storied complex which last served as Boston Scientific's world headquarters. The property, which totals just over 200,000 s/f, has been repositioned as a unique multi-tenant work environment. Recent capital improvements include a new cafeteria and fitness center, a new main entry along Pleasant St., a newly appointed interior courtyard with outdoor seating, and the installation of more than 100 new windows throughout the complex to foster vibrant, dynamic office environments.
The original brick and beam architecture has been meticulously maintained. The property is set on the Charles River bike/jogging path and MDC park with tennis courts and an ice rink. Riverworks is 1-2/3 miles 1-1/2 miles from the Mass Pike and a short distance from MBTA bus, subway, and commuter rail lines. The 11-acre site also provides tenants with up to 700 surface parking spaces.
"Riverworks has given us an opportunity to apply what we have learned as owners of the Wannalancit Mill in Lowell," said Farley White principal Sam Altreuter. "These buildings have great history and have offered us a great opportunity to create spaces with copious natural light and special charm. Watertown has been a pleasure to work with."
"Our team is proud to announce these first three transactions, and on-going interest from other users remains strong," Kollar said. "The highly functional office, R&D and lab space provide flexibility for a wide range of user types. Ownership and its project team have worked tirelessly in creating a vibrant, multi-tenant complex that provides flexible work environments and a first-class on-site amenity package. The buildings and significant capital upgrades underway have been very well-received by the numerous prospects that continue express interest. I expect our tenant roster will grow substantially in the next few months, as these upgrades are completed and our first tenants move into the complex."
Farley White Interests is a Boston-based owner of commercial real estate. The company owns and operates over 2.3 million square feet of commercial buildings which serve over 200 tenant customers. Farley White endeavors to go beyond the expected. The company is passionate about its buildings and continuously works to improve them aesthetically and functionally. Farley White enhances each of its properties with a focus on improvement, a respect for quality design and craftsmanship and quality service coupled with responsive management. These efforts benefit their customers by giving tenants superior workplaces and allowing investors to accumulate standout return on investment.
JLL is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, JLL serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion s/f worldwide. LaSalle Investment Management, the company's investment management business, is one of the world's largest and most diverse in real estate with more than $47.9 billion of assets under management.