MA Office Property Lands 2 New Tenants

By IvyLee Rosario

65 Grove St., Watertown, Mass.

Cresset Development has landed two new tenants at 65 Grove St., its office, medical, R&D and life science-ready property in Watertown, Mass. Markem-Imaje and its parent company Dover Corp. signed two leases that will serve as Markem-Imaje’s new product innovation and design center. NKF arranged the leases on behalf of Cresset.

Markem-Imaje will be leasing 14,404 square feet and Dover Corp. will be leasing 3,719 square feet, both on the second floor. Once build-outs are completed in August, both companies will make the move. The three-story property comprises 115,000 square feet and was acquired by Cresset in June 2014.

“Cresset is pleased to welcome Markem-Imaje and Dover to 65 Grove St.,” said John Baxter of Cresset Development, in a prepared statement. “Both firms are a great fit and join a strong roster of tenants including Bosch Thermotechnology Inc. and Lyndra.” 

Renovation Work

The asset underwent extensive renovations that included improvements to curb appeal, upgrades to the interior space and the installation of a new building HVAC, electrical and mechanical systems, as well as a new roof to maximize energy efficiency. Other features include 12-foot ceilings, a large floor load capacity, floor-to-ceiling windows and efficient floor plates. The firm also added several amenities to the building, which include:

• landscaped courtyard
• structured parking
• workout facilities
• locker rooms
• common areas
• interior bike storage

Cushman & Wakefield’s Duncan Gratton represented the tenants in the deal. NKF’s Executive Managing Directors Phil Giunta and George Nugent, Senior Managing Director Dan Krysiak and Associate Nick Baxter represented the owner in the lease transaction. The same NKF team represented Cresset last May, when Lyndra signed its 14,450-square-foot lease to occupy space on the third floor of the property.

Image courtesy of NKF