Boston, MA - May 5, 2010 — Normandy Real Estate Partners, one of the largest real estate developers, owners and operators in the Boston to Washington, D.C. corridor, today announced that its 2009 tally of lease transaction volume in the Greater Boston market for Normandy Real Estate Fund I properties totaled more than 750,000 sf. That momentum has continued into 2010, with over 113,000 sf in executed leases year-to-date.
Today’s reported Greater Boston leasing volume represents activity in addition to ongoing leasing at Normandy’s Fund II holdings, which in Boston is represented by the signature Downtown Boston property – The John Hancock Tower – the iconic landmark that was just named Boston’s biggest “Green Building” with the award of Gold LEED Certification.
“Despite 2009 being an economically challenging year across many industries, Normandy managed to conclude more than three quarters of a million square feet of executed leases during the year in the Greater Boston market. This success proves there is still a demand for quality properties that are managed by landlords who listen to the needs of their tenants and work with them on reasonable leasing terms,” said Ray Trevisan, Principal, Normandy Real Estate Partners. “Normandy’s commitment to each property in providing value to its tenants and creating an ideal office environment is unmatched.
"Normandy Real Estate Partners continues to have a major presence in our market,” said Jim Elcock, Executive Vice President, Colliers Meredith & Grew, a leading full-service commercial real estate advisory firm. “They have a very strong track record, not only accommodating their existing tenants who need space, but also in leasing out their vacancy in this competitive environment. They are very hands-on and have all the resources available to successfully navigate through challenging economic times. Their suburban portfolio is very well positioned to have a strong 2010."
Details on some of the transactions include:
One Technology drive in Peabody, MA – 188,000 sf leased
- U.S. Foodservice signed a 188,000 sf lease extension; the building is at full occupancy
Marlborough Technology Park in Marlborough, MA – 183,000 sf leased
- Spectrum Microwave, Inc. is a new tenant and signed a 42,835 sf lease this year
- BitStream Inc. executed a new lease for 27,378 sf
- New England Energy Alliance has a new 25,671 sf lease
- Metro West Medical Center signed a 18,872 sf new lease
- Campus occupancy has increased by over 10 percent
10 Maguire Road in Lexington, MA – 110,000 sf leased
- Gomez, Inc. expanded their space by 15,941 sf and extended its entire 42,000 sf footprint
- Imprivata, Inc extended their lease on 21,539 sf in 2010
- AccuRev, Inc signed a lease extension on 14,820 sf
- Cooper Perkins Inc signed a new lease this year for 10,781 sf
- The building is currently 90 percent occupied
Wells Avenue in Newton, MA – 86,000 sf leased
- EMC Corporation extended their lease on 36,359 sf
- Ambient Corporation signed a new lease for 20,242 sf
- Adviser Investments extended its lease on 11,700 sf
- Churchill Forge Properties signed a lease extension this year for 6,700 sf
- The campus is 91 percent occupied
300 Baker Avenue in Concord, MA – 35,500 sf leased
- Dassault Systèmes SolidWorks Corporation signed a 25,000 sf expansion
- Tencent Boston, a new tenant, is occupying 10,500 sf
- The building is 92 percent occupied
About Normandy Real Estate Partners
Normandy Real Estate Partners is a vertically-integrated real estate private equity fund manager headquartered in Morristown, NJ with offices in Boston, New York City, and Washington DC. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.0 billion of equity commitments. Normandy’s existing portfolio includes 14 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments primarily in the Northeast and Mid-Atlantic markets of Boston, Metro New York City, and Washington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements. For more information visit www.normandyrealty.com.