One Research Drive - Westborough, MAWestborough, MA Transwestern | RBJ represented Ferris Development Group LLC in a 53,879 s/f lease expansion with Sanofi Genzyme, at One Research Dr. Partners John Lashar and Paul Leone, along with associate McKenna Teague, represented Ferris Development in the 47% expansion.
With Sanofi Genzyme’s total footprint now at 167,901 s/f, the building is more than 96% occupied. Ferris Development Group purchased One Research Dr. in February 2014 when it was 50% vacant for $21.5 million. Sanofi Genzyme moved into 114,022 s/f in fourth-quarter 2014.
“Sanofi Genzyme’s decision to significantly increase its presence in One Research Drive after less than a year certainly validates our investment in this property,” said David Ferris, founder and CEO of Ferris Development. “Our in-house construction team has done a tremendous job bringing the building into the top tier of the MetroWest submarket, and we appreciate the hard work of the Transwestern | RBJ team to attract excellent tenants.”
One Research Dr. is a 283,285 s/f, class A office building located on Rte. 9, near I-495 and the Massachusetts Turnpike. Since its purchase, Ferris Development has made significant building renovations and improvements, including a new lobby, stone façade entrance and outdoor patio. The building’s cafeteria and 140-seat auditorium/training area were upgraded and a state-of-the-art, high-definition video conferencing center was added. Wireless internet access, an ATM and a 4,000 s/f fitness center with locker rooms and showers are among the building’s other amenities.
Louis Kluger with JM Zell Partners Ltd. represented Sanofi Genzyme in the lease expansion with the assistance from JM Zell’s Jeff Zell and Marc Sobel.
According to research by Transwestern | RBJ, the I-495 West submarket consisted of 16,230,000 s/f of office space with 17.4% vacancy at the close of fourth-quarter 2015 (Transwestern | RBJ “officeSTATus – Q4 2015”).
Founded in 2009, Ferris Development Group, LLC is a full service real estate development firm specializing in commercial and residential real estate management, construction, and acquisition. The team currently manages 600,000 s/f of commercial office space in the Boston MetroWest market and has built out 500,000 s/f of class A office space. Ferris Development also takes great pride in making significant value-add improvements and updates to common areas and grounds that make their properties more attractive to potential tenants.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in agency leasing, management, tenant advisory, capital markets, research and sustainability services, their fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. They leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate.
