Medford, MA National Development/Charles River Realty Investors has finalized the purchase of 20 Cabot Rd. from Citizens Bank. According to public record the property sold for $31.7 million. 20 Cabot Rd., built in 1987, is a 116,490 s/f office building on 8.3 acres located just a few minutes’ walk from the Orange Line’s Wellington Station. Simultaneously, National Development/Charles River executed a 10-year lease back to Citizens for 85,200 s/f and will be working with Cushman & Wakefield to lease the remaining 31,290 s/f to a new tenant or tenants. The brokers involved in this sale and lease from Cushman & Wakefield included Brian Barnett, Locke Burnette, Peter Joseph, Jack Ingham and Tom Sullivan. National Development will be the property manager.
National Development/Charles River will make improvements to the building including an updated lobby and common areas, a new fitness center, landscape enhancements and updated signage. The property sits on the Malden River, adjacent to the Wellington Greenway.
The Cabot Rd. area is seeing increased tenant interest with tech tenants looking beyond the CBD and Cambridge area for affordable, accessible office locations. The area is also drawing office tenants migrating from the suburbs that are seeking an urban, transit-orientated location in hopes of attracting young talent that lives and wants to work closer to the city. Recently Amazon leased 50,000 s/f at One Cabot Rd. The Boston Globe reports that “the office, which will house about 200 staffers working mainly on Amazon’s Alexa voice-operated systems, is set to open later this spring.”