{"id":1004715487,"date":"2024-05-30T04:17:06","date_gmt":"2024-05-30T12:17:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004715487"},"modified":"2024-05-30T04:17:08","modified_gmt":"2024-05-30T12:17:08","slug":"sumitomo-subsidiary-inks-142-ksf-boston-lease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sumitomo-subsidiary-inks-142-ksf-boston-lease\/","title":{"rendered":"Sumitomo Subsidiary Inks 142 KSF Boston Lease"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"900\" data-attachment-id=\"1004715488\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sumitomo-subsidiary-inks-142-ksf-boston-lease\/p_jpeg-7-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/p_jpeg-7-1.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"p_jpeg (7) (1)\" data-image-description=\"&lt;p&gt;Property at 35 Crosby Drive, Bedford, Mass.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;W. P. Carey expects the repositioning efforts will be complete by late 2025. Image courtesy of Newmark&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/p_jpeg-7-1.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/p_jpeg-7-1.jpg\" alt=\"Property at 35 Crosby Drive, Bedford, Mass.\" class=\"wp-image-1004715488\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/p_jpeg-7-1.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/p_jpeg-7-1.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/p_jpeg-7-1.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/p_jpeg-7-1.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><figcaption class=\"wp-element-caption\">W. P. Carey expects the redevelopment efforts to be completed by late 2025. <em>Image courtesy of Newmark<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Persimmon Technologies, a subsidiary of Sumitomo Heavy Industries, has signed a 142,224-square-foot, long-term lease with W. P. Carey in Bedford, Mass. Newmark represented the owner, while Colliers negotiated on behalf of the tenant.<\/p>\n\n\n\n<p>The tech firm will relocate its headquarters to 35 Crosby Drive, a flex office property currently being redeveloped into an R&amp;D facility. Revamp completion is expected in late 2025.<\/p>\n\n\n\n<p>Persimmon specializes in vacuum robotics for semiconductor, LED and flat panel display monitors, as well as electric motors. The firm is currently headquartered at a 1983-built property in Wakefield, Mass., and will use the newly leased space for various purposes including offices, manufacturing, testing and R&amp;D.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/dos-and-donts-for-life-science-conversions\/\">Dos and Don\u2019ts for Life Science Conversions<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Prior to the repositioning efforts, the building at 35 Crosby Drive had 207,000 square feet of space across three stories. The property featured four tailboard-high loading docks, two backup generators and 640 parking spaces. Amenities included an auditorium, cafeteria and gym.<\/p>\n\n\n\n<p>Redevelopment plans now call for the property&#8217;s conversion to a 160,000-square-foot life science facility with a 573-space parking structure. <\/p>\n\n\n\n<p>Located on more than 20 acres within the Route 128 Tech Corridor, 35 Crosby Drive is less than 1 mile of U.S. Route 3 and roughly 5 miles northeast of Logan Airport, as well as some 20 miles northwest of downtown Boston.<\/p>\n\n\n\n<p>Newmark Executive Managing Directors Richard Ruggiero, Torin Taylor and Matthew Adams, together with Senior Managing Director Rory Walsh, represented W. P. Carey in the lease negotiations. \u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-boston-s-office-scene\">Boston&#8217;s office scene<\/h2>\n\n\n\n<p>Metro Boston boasted an impressive 13.8 million square feet of under-construction office space as of April, according to a CommercialEdge report. Representing 5.6 percent of total stock, The City on a Hill\u2019s pipeline bucked the national average of 1.2 percent.<\/p>\n\n\n\n<p>Meanwhile, the metro\u2019s vacancy rate was up by 230 basis points year-over-year as of April, reaching 12.4 percent, still way below the national average of 18.8 percent. However, the office listing rate grew by 9.8 percent over the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>W. P. Carey owns the property currently converted to life science use.<\/p>\n","protected":false},"author":3471,"featured_media":1004715488,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21784,21742,10,21747],"tags":[35498,50999,36313],"class_list":["post-1004715487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-brokerage","category-latest","category-northeast","category-office","tag-colliers","tag-newmark","tag-w-p-carey"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sumitomo Subsidiary Inks 142 KSF Boston Lease - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Persimmon Technologies has signed a 142,224-square-foot lease with W.P. 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