Transwestern Brokers 36,854 SF in Leases with Paytronix Systems, Ixxus Limited
Transwestern today announces it negotiated two leases totaling 36,854 square feet at Chapelbridge Park in Newton, Massachusetts, bringing the 250,000-square-foot park to more than 95 percent occupancy. Transwestern Partner Ron Friedman, Senior Vice President Rob Byrne, Vice President Chris Mullen, and Leasing Associate Perry Beal represented Chapelbridge Park Associates in the transactions.
“The extensive capital improvements implemented at Chapelbridge Park have transformed it into a highly desirable environment for a wide variety of tenants, demonstrated by the 20 new leases signed since 2013,” said Byrne. “When we were awarded this assignment, Chapelbridge Park was at just 30 percent occupancy, so it’s rewarding to see such a significant return on the ownership investment.”
Paytronix Systems Inc. more than doubled its corporate headquarters space, expanding from 12,383 to 33,283 square feet. The provider of reward program solutions to restaurants and retailers was represented by Ted Lyon and Michael O’Leary of Cushman & Wakefield.
Ixxus Limited signed a 3,571-square-foot lease for its U.S. headquarters. Represented by Warren Brown of Boston Commercial Properties, the global provider of publishing solutions is relocating from Washington Street in Newton.
Featuring a campus setting, Chapelbridge Park consists of eight office and research and development buildings along Chapel and Bridge streets. The park is minutes from the Massachusetts Turnpike and has excellent access to Route 128, Cambridge and Boston. On-site amenities include a newly renovated lobby, full-service cafeteria, ATM, fitness area with lockers and showers, and indoor bicycle storage. The park is within walking distance of numerous restaurants, coffee shops, salons and professional services.
The park has 12,383 square feet of office space available. Located on third floor of 55 Chapel St., the former Paytronix office was recently renovated and features an open floor plan, brick-and-beam construction and a large window line that provides plentiful natural lighting.
According to research by Transwestern , the Route 128 West submarket consisted of 22.7 million square feet of office space with 9.9 percent vacancy at the close of second-quarter 2016 (Transwestern “officeSTATus – Q1 2016”). Chapelbridge Park is located in the Charles River Mill District, a public-private partnership between the Newton-Needham Chamber; the Watertown-Belmont Chamber; the Waltham Chamber; the municipalities of Newton, Watertown and Waltham; and local businesses and property owners.
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