Q4 2016
I-495 WEST & SOUTH
FLEX MARKET UPDATE
PREPARED FOR:
TATABBLLEEOOFF CCOONNTTEENNTSTS
I MARKET OVERVIEW
II FLEX INVENTORY & VACANCY
III LEASE & SALE COMPARABLES
IV MARKET AERIAL TOUR
MARKET HIGHLIGHTS
SM&TAARTIKSETTICOSVERVIEW
MARKET OVERVIEW
GREATER BOSTON FLEX MARKET EDUCATION HEALTHCARE MANUFACTURING R&D INNOVATION LIFE SCIENCE
The Greater Boston flex market supports the myriad Industrial/R&D tenant platform that drives 39 BUILDINGS
Massachusetts’ bedrock industries including education, healthcare, life sciences, R&D, innovation
and high tech manufacturing. The 28 MSF flex inventory has experienced positive absorption in 3.2 MSF
ten out of the last eleven quarters totaling 2.17 MSF. Vacancy for flex properties in Greater Boston
was steady in the fourth quarter with a rate of 11.3% coming off 77,000 SF of positive absorption.
Greater Boston flex users continue to heighten the level of sophistication and specialization that is
driving a substantial reinvestment in older product. Urban repositionings and renewed sensitivity
to “highest and best use” has forced specialty manufacturers to evaluate opportunities further out
and along the I-495 belt.
I-495 SOUTH FLEX MARKET
While the I-495 South flex market boasts a very healthy vacancy rate of 6.4%, flex vacancy in
the Norton/Taunton micromarket is an astounding 0.5%. The I-495 South flex market has been
particularly strong with asking rents increasing by an impressive 45% in five years, increasing from
$6.07 PSF NNN in Q4 2011 to $9.11 PSF NNN today. In the same span of time vacancy has decreased
by 3.8 percentage points from 10.2% to 6.4%, thus validating robust market fundamentals. The I-495
South flex market attributes its desirability to two distinct structural advantages: i) Incomparable
access to I-495 and I-95 and ii) Access to and availability of a diverse labor pool. Infrastructure
coupled with the ability to secure an abundance of skilled and unskilled labor is critical to an R&D/
Industrial audience.
I-495 WEST FLEX MARKET 64 BUILDINGS
The corporate roster that dominates the I-495 West flex landscape speaks volumes as to the 4.6 MSF
importance and vibrancy of the market. Stakeholders like GE Healthcare, Quest Diagnostics, Sanofi,
Boston Scientific, Bose, IPG Photonics and many more have invested substantially in real estate,
infrastructure and at a community level. In addition, the region continues to host top rated research
facilities and higher education institutions that boast ample national recognition. I-495 West’s flex
market is defined by 4.6 MSF of existing inventory standing at 11.4% vacant. Asking rates continue
to remain strong at $9.22 PSF NNN. Larger specialized users are faced with an absence of quality
options and are forced to expand their search further south.
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 4
MARKET OVERVIEW
GREATER BOSTON FLEX TRENDS & HEADLINES | Q4 2016
• Greater Boston flex space saw 77,000 SF of positive absorption holding vacancy steady at 11.3%.
• The average asking rent for flex properties in Greater Boston is $10.34 PSF NNN which has grown 23.1% over the last two years.
• Greater Boston flex absorption has been positive ten of the last eleven quarters, amassing 2.17 MSF.
• Flex space in the I-495 submarkets has seen 250,000 SF of positive absorption in the last twelve months dropping vacancy 0.3 percentage points from 15.4% to
15.1%.
• Route 128 South vacancy rates, currently at 6.7%, have reached the lowest rates since 2000, dropping by 2.2 percentage points since Q1 2016.
• Rents in I-495 West have appreciated 18% since the fourth quarter of 2014, at a current asking rate of $9.22 PSF NNN.
• The Norton/Taunton micromarket reflects a vacancy of 0.5%.
• Nordblom Company sold 450 & 500 Donald Lynch Boulevard in Marlborough to Atlantic Management Corporation and Fulcrum Real Estate Partners ($11.5
million), 121,899 SF, $94.34 PSF.
• Flex inventory along I-495 constructed prior to 1985 represents the vast majority of vacancy within I-495 with overall flex vacancy at 14.9% and pre-1985 vacancy
at 23.9% (North: 4.4 MSF/26.6% vacant; West: 1.7 MSF/14.6% vacant; South: 967,000 SF/13.1% vacant).
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 5
MARKET OVERVIEW
NATICK/FRAMINGHAM FLEX MICROMARKET MANSFIELD/TAUNTON FLEX MICROMARKET
The Natick/Framingham real estate landscape has long been dominated by retail and Located on the southern end of I-495, the Mansfield/Taunton flex market consists of 1.13 MSF and is
large corporate campus environments. The Natick/Framingham market, supported by such currently 5.0% vacant. Containing two of the state’s top master planned parks (Cabot Park, approx.
business giants as The TJX Companies, Genzyme Sanofi, Bose, Staples, The Mathworks, IDC/ 900 acres, 4.9 MSF and 2.6% vacant; and Myles Standish Industrial Park, 655 Acres, 5.6 MSF and
IDG and MediTech, has always boasted the highest rents and lowest vacancy rates in the 8.4% vacant), the Mansfield/Taunton micromarket boasts superior access to I-495/I-95 which is
I-495 West market. However, the flex component of the market is, by comparison, much less one of the two major interchanges (I-90/I-495 being the other). In addition, access to Routes 24
substantial. The entire inventory consists of 250,000 SF and stands at a mere 4% vacant. The and 140 offer additional accessibility within the I-495 South corridor. Tremendous infrastructure
vast majority of the product is dated from an infrastructure and appearance perspective. coupled with access to a viable, deep labor pool has attracted such corporate giants as Alnylam
The assets themselves are typically smaller standalone buildings ideal for single tenant use. Pharmaceuticals, T-Mobile, Medtronic, and Proven Process.
The ownership profile is non-institutional and consists largely of users and local owners/
operators. The enormous traffic counts on Route 9 coupled with a dense population naturally
encourages and favors retail and residential projects over R&D/flex.
BELLINGHAM/FRANKLIN FLEX MICROMARKET
With a centralized location equidistant from the intersections between I-90/I-495 to the
north and I-495/I-95 to the south, Franklin/Bellingham has performed well due to its superior
access and accessibility. Companies can draw on a large and diverse labor pool that stretches
into northern Rhode Island and along the south coast. This 1.18 MSF micromarket has a
10.1% vacancy rate and an average asking rent of $7.22 PSF NNN. A strong concentration
of modern flex product, coupled with public transportation and the state’s investment into
infrastructure will continue to drive the viability and performance of the marketplace. The
micromarket is home to such companies as Dell/EMC, ThermoFisher, Newport Corporate and
Tegra Medical.
BOROUGHS FLEX MICROMARKET
The boroughs is a 2.6 MSF market bounded by I-495, I-90, Route 9 and Route 20. The
tremendous infrastructure of roadways and major interstates has helped the region to sustain
a heavy and committed corporate presence; a thriving retail environment along Route 9; and
a dense and affluent suburban residential element. There has been a substantial investment
in large scale residential developments as well landscape defining mixed use projects like
APEX on Route 20 in Marlborough and Marlborough Hills at Forest Street. The flex market
itself registers a 13.2% vacancy rate with average asking rents of $9.61 PSF NNN.
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 6
MARKET SNAPSHOT
Methuen
Tyngsborough Dracut Lawrence North CENTRAL AREAS/ROUTE 128 HISTORICAL INVENTORY COMPARISON
Lowell Andover Andover
Tewksbury
Westford Chelmsford North Reading Danvers 128 NORTH
Littleton Carlisle Peabody
Billerica Wilmington Beverly 8.6 MSF 7.9 MSF
Reading Lynnfield 8.9%
Q4 2016 SUPPLY Q4 2001 SUPPLY INCREASE SINCE
Q4 2001
Harvard Salem
Bedford Burlington Wakefield Marblehead
Lincoln
Boxborough Acton Saugus Swampscott
Weston
Woburn Stoneham Lynn
Concord Melrose
Winchester
Bolton Stow Maynard Lexington Malden Nahant CENTRAL AREAS
Arlington
Medford
Belmont
Everett Revere 839,000 SF 1.9 MSF
Waltham
Hudson Watertown CambSroidmgeerville Chelsea 55.8%
Berlin Sudbury Winthrop Q4 2016 SUPPLY Q4 2001 SUPPLY REDUCTION SINCE
Northborough Q4 2001
Wayland
Marlborough
Newton Brookline
Weymouth
Framingham Boston
Southborough Wellesley
Natick Needham
Westborough 128 SOUTH
Ashland 3.5 MSF 7.9 MSF
Dedham Quincy
Sherborn Dover Milton 55.7%
Hopkinton Westwood Hingham Q4 2016 SUPPLY Q4 2001 SUPPLY REDUCTION SINCE
Milford Q4 2001
Holliston Medfield Braintree
Randolph
Norwood
Canton Norwell
Medway Millis Holbrook
Walpole 24 Rockland
Avon Abington
Norfolk Sharon Stoughton
Franklin
Brockton Whitman TOTAL
Bellingham Foxboro 13.3 MSF
Q4 2016 SUPPLY
Wrentham 18.0 MSF 26.1%
Q4 2001 SUPPLY
Easton West East REDUCTION SINCE
Bridgewater Bridgewater Q4 2001
Plainville Mansfield
North Norton Bridgewater
Attleboroough Raynham
Taunton
Attleboro
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 7
MARKET SNAPSHOT
Methuen
Tyngsborough Dracut Lawrence North I-495 HISTORICAL INVENTORY COMPARISON
Lowell Andover Andover
Tewksbury
Westford Chelmsford North Reading Danvers 495 NORTH
Littleton Carlisle Peabody
Billerica Wilmington Beverly 6.1 MSF 7.2 MSF 15.3%
Reading Lynnfield REDUCTION SINCE
Q4 2001
Q4 2016 SUPPLY Q4 2001 SUPPLY
Harvard Bedford Burlington Wakefield Salem
Lincoln Marblehead
Boxborough Acton Saugus
Weston Swampscott
Woburn Stoneham Lynn
Concord Melrose
Winchester
Bolton Lexington Malden Nahant
Everett
Stow Maynard Arlington Medford 495 WEST
Revere 4.6 MSF 5.0 MSF
Hudson Belmont CambSroidmgeerville Chelsea 8.0%
Berlin Sudbury Waltham Winthrop REDUCTION SINCE
Northborough Watertown Q4 2001
Wayland Q42016 SUPPLY Q4 2001 SUPPLY
Marlborough
Newton Brookline
Weymouth
Framingham Boston
Southborough Wellesley
Natick Needham
Westborough
Ashland 495 SOUTH
Sherborn Dover Dedham Milton Quincy 3.3 MSF 2.7 MSF
Westwood Braintree
Hopkinton Hingham 22.2%
Milford
Holliston Medfield Q4 2016 SUPPLY Q4 2001 SUPPLY INCREASE SINCE
Q4 2001
Norwood Randolph
Canton Norwell
Medway Millis Holbrook
Walpole 24 Rockland
Avon Abington
Norfolk Sharon Stoughton
Franklin
Brockton Whitman TOTAL
Bellingham Foxboro 14.0 MSF
Q4 2016 SUPPLY
Wrentham 15.0 MSF 6.7%
Q4 2001 SUPPLY
Easton West East REDUCTION SINCE
Bridgewater Bridgewater Q4 2001
Plainville Mansfield
North Norton Bridgewater
Attleboroough Raynham
Taunton
Attleboro
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 8
MARKET SNAPSHOT Methuen
Tyngsborough Dracut Lawrence
Lowell North
Andover
Andover
Tewksbury
Westford Chelmsford Billerica Wilmington North Reading Danvers Beverly 128 FLEX MARKET STATISTICS
Littleton Carlisle Lynnfield Peabody
128 Flex Market—13.296 MSF
Reading
Harvard Bedford Burlington Wakefield Salem
Concord Marblehead
Boxborough Acton Saugus 128 NORTH
Swampscott
Woburn Stoneham Lynn Market Size:
Total Vacancy:
Winchester Melrose Total Availability: 8,577,000 SF
Absorption: 8.2%
Bolton Lexington Malden Nahant LTM Absorption: 15.1%
Everett 106,000 SF
Stow Maynard Lincoln Arlington Medford 223,000 SF
Revere
Hudson Belmont CambSroidmgeerville Chelsea
Marlborough
Berlin Sudbury Waltham Winthrop
Watertown
Wayland Weston
Boston
Newton Brookline
Weymouth
Northborough Framingham
Southborough Wellesley
Natick Needham 128 SOUTH
Westborough Market Size:
Total Vacancy:
Ashland Total Availability:
Absorption:
Sherborn Dover Dedham Milton Quincy LTM Absorption: 3,533,000 SF
Westwood Braintree 6.7%
Hopkinton Hingham 12.8%
Milford 35,000 SF
Holliston Medfield 94,000 SF
Norwood Randolph
Canton Norwell
Medway Millis Holbrook
Walpole 24 Rockland
Avon Abington
Norfolk Sharon Stoughton
Franklin
Brockton Whitman CENTRAL AREAS
Bellingham Foxboro Market Size: 839,000 SF
Wrentham
Easton West East Total Vacancy: 5.3%
Bridgewater Bridgewater
Plainville Mansfield Total Availability: 6.3%
North Bridgewater Absorption: (15,000) SF
Attleboroough Raynham
Norton Taunton LTM Absorption: 30,000 SF
Attleboro
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 9
MARKET SNAPSHOT Methuen
Tyngsborough Dracut Lawrence
Lowell North
Andover
Andover
Tewksbury
Westford Chelmsford Billerica Wilmington North Reading Danvers Beverly I-495 FLEX MARKET STATISTICS
Littleton Carlisle Lynnfield Peabody
I-495 Flex Market—13.949 MSF
Reading
Harvard Bedford Burlington Wakefield Salem
Concord Marblehead
Boxborough Acton Saugus
Swampscott
Woburn Stoneham Lynn
Winchester Melrose 495 NORTH
Bolton Lexington Malden Nahant Market Size: 6,088,000 SF
Everett Total Vacancy: 22.5%
Stow Maynard Lincoln Arlington Medford Total Availability: 36.1%
Absorption: (46,000) SF
Revere LTM Absorption: 97,000 SF
Hudson Belmont CambSroidmgeerville Chelsea
Marlborough
Berlin Sudbury Waltham Winthrop
Watertown
Wayland Weston
Boston
Newton Brookline
Weymouth
Northborough Framingham
Southborough Wellesley
Natick Needham
Westborough
Ashland 495 WEST
Sherborn Dover Dedham Milton Quincy Market Size: 4,608,000 SF
Westwood Braintree Total Vacancy: 11.4%
Hopkinton Hingham Total Availability: 15.4%
Milford Absorption: (19,000) SF
Holliston Medfield LTM Absorption: 65,000 SF
Norwood Randolph
Canton Norwell
Medway Millis Holbrook
Walpole 24 Rockland
Avon Abington
Norfolk Sharon Stoughton
Franklin
Brockton Whitman
Bellingham Foxboro 495 SOUTH
Wrentham Market Size:
Total Vacancy:
Easton West East Total Availability: 3,253,000 SF
Bridgewater Bridgewater Absorption: 6.4%
LTM Absorption: 14.0%
Plainville Mansfield 47,000 SF
88,000 SF
North Norton Bridgewater
Attleboroough Raynham
Taunton
Attleboro
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 10
Market Overview | 495 FLEX
Contiguous Availabilities
SPACE BLOCK ANALYSIS I-495 North FLEX
Number of choices
12
I-495 FLEX CONTIGUOUS BLOCKS ANALYSIS 10 9
10
8
8
Q4 2016 65
4
4
These charts highlight how tight the market has become when looking for space 100,000 SF 2 2
1
4aid9ne5dnFgtirLfeyEaXategre. Although there are a large number of options below 60,000 SF, the charts do not
view | or condition of the subject inventory. Many options have become obsoMlaerkteet andOverview 0
| 495 FLEX 5 to 10k 10 to 20k 20 to 60k 60 to 100k 100k to 200k 200k to 300k 300k +
us Avwiall ililkaelby nioltitleiaeseseven at a steep discount to market. Contiguous AvailabiBlloictk isiezes(sf in thousands)
Contiguous availabilities in given size range, distinct properties
495 Total Market I-495 West FLEX
Number of choices
20 19
I-495 FLEX 18 17
23 16
7 14
5
Number of choices 2 12
40
20 to 60k 60 to 100k 100k to 200k 200k to 300k 10 9
35 34 20 to 60k
36 8
6
4
2 1 0
00 300k +
30 0
60 to 100k 100k to 200k 200k to 300k
Market Overview | 495 FLEX 5 to 10k 10 to 20k
25 Contiguous AvailabiBlloictk isiezes(sf in thousands)
Contiguous availabilities in given size range, distinct properties
20 495 Total Market I-495 South FLEX
15 Number of choices 8
9
6
8 20 to 60k
7
7
10 6
5
5 4
1 3
300k +
0 2 11
5 to 10k 10 to 20k 0
1 0
60 to 100k 100k to 200k 200k to 300k 300k +
0
5 to 10k 10 to 20k
Block size (sf in thousands) Block size (sf in thousands)
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT Contiguous availabilities in given size range, distinct properties 11
495 Total Market
Market Overview | 128 FLEX
Contiguous Availabilities
SPACE BLOCK ANALYSIS Metro South FLEX
Number of choices
12
10 9
10
METRO SOUTH FLEX CONTIGUOUS BLOCKS ANALYSIS 7
8
Q4 2016 6
4
| 128 &T1h0Ce0es,n0et0rc0ahlaSArFtrseahanisdghFglLirgEehaXttehr.owCotnigvehrtsethlye, market has become when looking for space 2 1
and market-wide, there is an abundance of 0 000
Availeaabsinigliotpipeosrtunities for tenants in the 5,000-60,000 SF range. Market Overview | 128 FLEX 5 to 10k 10 to 20k 20 to 60k 60 to 100k 100k to 200k 200k to 300k 300k +
Contiguous AvailabilitiesBlock size (sf in thousands)
Contiguous availabilities in given size range, distinct properties
495 Total Market 128 North FLEX
128 & Central Areas FLEX Number of choices
30
25 23
25
Number of choices 36 20
40 38 17
35 15
10
30 28 5 32
25 0
0 0
20 to 60k 60 to 100k 100k to 200k 200k to 300k 300k +
Market Overview | 128 FLEX 5 to 10k 10 to 20k
Contiguous AvailabilitiesBlock size (sf in thousands)
20 Contiguous availabilities in given size range, distinct properties
15 495 Total Market 128 West FLEX
10 Number of choices 4 4
6 4.5 20 to 60k
53 4
00
3.5
0 3
5 to 10k 10 to 20k 20 to 60k 60 to 100k 100k to 200k 200k to 300k 300k +
3
Block size (sf in thousands)
2.5
2 2
1.5 1
1 0
60 to 100k 100k to 200k 200k to 300k
0.5
0 0
5 to 10k 10 to 20k 300k +
Block size (sf in thousands)
ous avaQ4il2a0b16ilIi-t4i9e5sWEinST &gSiOvUeTnH FsLEiXzMeArRaKEnTgSNeA,PSdHiOsTtinct properties Contiguous availabilities in given size range, distinct properties 12
495 Total Market
SPACE BLOCK ANALYSIS
FLEX INVENTORY & VACANCY BY BUILDING AGE
MarkSetHOAvReErvOieFwB| U49I5LDFlIeNx GS BUILT BEFORE 1985
FlexMoIdnervn eprnodtuoctrhyas s&ubsVtanaticalaly nouctpyerfborymeAd tgheeremoafinBdeur oiflthdeimnagrkeat. nNedwerSpurodbumct isaleraksinegtat a consistent pace while older, less
functional assets continue to struggle.
Inventory share by age 495 West 495 South
495 North
’85 & After Before ‘85 ’85 & After Before ‘85 ’85 & After
21.9% 67.4% 29.8% 70.2%
32.6%
Before ‘85
78.1%
1.3 MSF / 5.9% Vacant 3.1 MSF / 8.1% Vacant 2.3 SF / 4.1% Vacant Inventory built in the
4.4 MSF / 26.6% Vacant 1.7 MSF / 14.6% Vacant year 1985 or after
967,000 SF / 13.1% Vacant Inventory built before
the year 1985
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 13
LEASE & SALES
COMPARABLES
LEASE COMPARABLES
417 SOUTH STREET, MARLBOROUGH 120 BARTLETT STREET, MARLBOROUGH
TENANT: MINTRA TENANT: SCOTT PHARMA
SIZE: 21,600 SF SIZE: 29,227
TERM: 8 YRS 3 MOS Y5: $8.13 PSF TERM: 8 YRS 3 MOS Y5: $8.75 PSF
NNN RENT: Y6: $8.35 PSF NNN RENT: Y6: $10.06 PSF
FREE RENT: Y1: $7.25 PSF Y7: $8.57 PSF FREE RENT: Y1: $5.00 PSF Y7: $11.57 PSF
Y2: $7.47 PSF Y8: $8.79 PSF Y2: $5.75 PSF Y8: $13.30 PSF
Y3: $7.69 PSF Y3: $6.61 PSF
Y4: $7.91 PSF Y4: $7.60 PSF
3 MOS 3 MOS
TI/SF: $9.26 PSF TI/SF: TURNKEY
40 KENWOOD CIRCLE, FRANKLIN 51 ALDER STREET, MEDWAY
TENANT: RYPOS INC TENANT: VERIZON
SIZE: 24,200 SF SIZE: 40,720 SF
TERM: 5 YRS 2 MOS TERM: 5 YRS
Y1: $6.25 PSF Y4: $7.50 PSF Y1: $10.50 PSF Y4: $11.25 PSF
NNN RENT: Y2: $6.50 PSF Y5: $7.50 PSF NNN RENT: Y2: $10.75 PSF Y5: $11.50 PSF
Y3: $7.25 PSF Y3: $11.00 PSF
FREE RENT: 2 MOS FREE RENT: NONE
TI/SF: $2.00 PSF TI/SF: AS-IS
10 COMMERCE WAY, NORTON MEASUREMENT COMPUTING 25 FORBES BOULEVARD, MANSFIELD DOREL JUVENILE
CORPORATION
TENANT: TENANT: 54,000 SF
13,231 SF 6 YRS
SIZE: SIZE:
TERM: 7 YRS TERM:
Y1: $10.25 PSF Y5: $11.25 PSF Y1: $12.00 PSF Y4: $12.75 PSF
Y2: $10.50 PSF Y6: $11.50 PSF Y5: $13.00 PSF
NNN RENT: Y3: $10.75 PSF Y7: $11.75 PSF NNN RENT: Y2: $12.25 PSF Y6: $13.25 PSF
Y4: $11.00 PSF Y3: $12.50 PSF
FREE RENT: NONE FREE RENT: NONE
TI/SF: $1.50 PSF TI/SF: AS-IS
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 15
LEASE COMPARABLES
450 DONALD LYNCH BOULEVARD, MARLBOROUGH 175 PARAMOUNT DRIVE, RAYNHAM
TENANT: SENKO ADVANCED COMPONENTS TENANT: OMNILIFE SCIENCE
SIZE:
SIZE: 19,644 SF TERM: 40,176 SF
TERM: 5 YRS 5 MOS NNN RENT: 10 YRS 5 MOS
Y1: $9.00 PSF Y4: $9.75 PSF FREE RENT: Y1: $8.00 PSF Y6: $9.25 PSF
NNN RENT: Y2: $9.25 PSF Y5: $10.00 PSF TI/SF: Y2: $8.24 PSF Y7: $9.52 PSF
Y3: $8.48 PSF Y8: $9.81 PSF
Y3: $9.50 PSF Y4: $8.73 PSF Y9: $10.10 PSF
Y5: $8.99 PSF Y10: $10.40 PSF
FREE RENT: 5 MOS 5 MOS
TI/SF: $9.00 PSF ESTIMATED AS-IS
220 O’CONNELL WAY, EAST TAUNTON 38 FORGE PARK, FRANKLIN
TENANT: ELECTROCHEM SOLUTIONS INC TENANT: DYNISCO
SIZE: 13,906 SF SIZE:
TERM: 10 YRS TERM: 47,504 SF
NNN RENT: Y1: $8.64 PSF Y6: $9.79 PSF NNN RENT: 5 YRS 2 MOS
Y2: $8.87 PSF Y7: $10.03 PSF
Y3: $9.09 PSF Y8: $10.28 PSF FREE RENT: 10/1/17-11/30/17: $0.00
Y4: $9.32 PSF Y9: $10.54 PSF TI/SF: 12/1/17-11/30/18: $8.25
Y5: $9.55 PSF Y10: $10.80 PSF 12/1/18-11/30/19: $8.25
12/1/19-11/30/20: $8.75
FREE RENT: NONE 12/1/20-11/30/21: $9.25
12/1/21-11/30/22: $9.25
TI/SF: TURNKEY
2 MOS
AS-IS
615 UNIVERSITY AVENUE, NORWOOD 261 CEDAR HILL STREET, MARLBOROUGH
TENANT: HARVEY BUILDING PRODUCTS TENANT: VENTION MEDICAL
SIZE: 19,592 SF
TERM: 10 YRS 2 MOS SIZE: 29,404 SF
TERM: 5 YRS
NNN Y1: $10.25 PSF Y6: $11.60 PSF NNN 6/1/15-5/30/16: $10.25 PSF 6/1/19-5/30/20: $11.55 PSF
RENT: Y2: $10.51 PSF Y7: $11.89 PSF RENT: 6/1/16-5/30/17: $10.56 PSF 6/1/20-5/30/21: $11.90 PSF
Y3: $10.77 PSF Y8: $12.18 PSF 6/1/17-5/30/18: $10.88 PSF 6/1/21-9/30/21: $12.26 PSF
Y4: $11.04 PSF Y9: $12.49 PSF 6/1/18-5/30/19: $11.21 PSF
Y5: $11.31 PSF Y10: $12.80 PSF
FREE RENT: 2 MOS FREE RENT: NONE
TI/SF: $15.00 PSF TI/SF: $10.00 PSF
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 16
LEASE COMPARABLES
DATE SIGNED START DATE ADDRESS TENANT TERM SF RENT SCHEDULE Year 6: $8.32 PSF NNN TI/SF COMMENTS
1/17 1/17 10 Commerce Way, Norton Outlaw Audio LLC 3 yrs 2,400 Year 7: $8.53 PSF NNN As-Is Renewal
Year 1: $10.25 NNN Year 8: $8.74 PSF NNN As-Is
10/16 5/17 51 Alder Street, Medway AZZ 10 yrs 80,863 Year 2: $10.56 NNN Year 9: $8.96 PSF NNN Tenant renewal. Tenant
3 mos Year 3: $10.87 NNN Year 10: $9.18 PSF NNN As-Is received 3 mos free rent
As-Is prior to commencement
10/16 8/18 157 Grove Street, Westborough Bach Knives/ Hermanite 3 yrs 6,952 Year 1: $7.35 PSF NNN Year 4: $6.75 PSF NNN As-Is of new term. 24’ clear.
Corp. Year 2: $7.53 PSF NNN Year 5: $7.00 PSF NNN $2.46
10/16 1/17 25 South Street, Hopkinton Year 3: $7.72 PSF NNN As Is Tenant renewal
Control Technology 3 yrs 9,855 Year 4: $7.92 PSF NNN As-Is
9/16 9/16 10 Otis Street, Westborough Corporation (CTC) 1 mo Year 5: $8.12 PSF NNN Tenant renewal
9/16 10/16 1-5 Sassacus Drive, Westborough
Fedex Ground Packaging 2 yrs 73,710 Year 1: $6.25 PSF NNN New lease signed
8/16 61,084 Year 2: $6.44 PSF NNN New lease signed, no
DHL Global Mail 5 yrs Year 3: $6.63 PSF NNN free rent
8/16
8/16 11/16 480 Neponset Street, Bldg. 11, Canton Forshaw Inc. 3 yrs 9,922 Year 1: $8.25 PSF NNN LL is Paradigm
10/16 3 mos Year 2: $8.50 PSF NNN Properties. 3 months
8/16 10/16 Year 3: $8.75 PSF NNN free
10/16 111 Forbes Boulevard, Mansfield Vantel Pearls 1 yr 16,674 Renewal. No free rent
Year 1-2: $5.75 PSF NNN or TI
Four months free rent
Year 1: $6.00 PSF NNN
Year 2: $6.25 PSF NNN Five months free rent
Year 3: $6.50 PSF NNN
No free rent
Year 1: $6.75 PSF NNN Renewal
Year 2: $7.00 PSF NNN
Year 3: $7.25 PSF NNN No Free Rent. 25’ Clear
Dry Warehouse &
Year 1: $9.00 PSF NNN Freezer/Cooler
Tenant renewal
115 Flanders Road, Westborough Metamagnetics, Inc 5 yrs 9,180 Months 5-16: 15.75 NNN Months 41-52: $18.00 NNN Turnkey
4 mos Months 17-28: $16.50 NNN Months 53-64: $18.75 NNN
Months 29-40: $17.25 NNN
117 Flanders Road, Westborough Microbac Laboratories, Inc. 10 yrs 5,000 Months 6-17: $15.50 NNN on 3,500 RSF Months 66-77: $18.00 NNN $30.00
5 mos Months 18-29: $16.00 NNN on 4,250 RSF Months 78-89: $18.50 NNN
Months 30-41: $16.50 NNN Months 90-101: $10.00 NNN
Months 42-53: $17.00 NNN Months 102-113: $19.50 NNN
Months 54-65: $17.50 NNN Months 114-125: $20.00 NNN
7/16 9/16 580 Myles Standish Blvd., Taunton Needham Electric Supply 7 yrs 10,300 Year 1 - 7: $7.65 PF NNN As-Is
As-Is
7/16 9/16 9 Tech Circle, Natick Natick Sports & Racquet 5 yrs 7,160 Year 1: $12.00 PSF NNN Year 4: $14.00 PSF NNN
Club, Inc. 2 mos Year 2: $13.00 PSF NNN Year 5: $14.50 PSF NNN $1.50
Year 3: $13.50 PSF NNN
6/16 8/16 191-195 Flanders Road, Westborough GE 2 yrs 30,000
6 mos Years 1-2: $5.50 NNN
5/23 11/16 10 Commerce Way, Norton Morton Buildings, Inc. 3 yrs 2,400 Year 1: $10.25 PSF NNN As-Is
Year 2: $10.50 PSF NNN
Year 3: $10.75 PSF NNN
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 17
LEASE COMPARABLES
DATE SIGNED START DATE ADDRESS TENANT TERM SF RENT SCHEDULE TI/SF COMMENTS
3 yrs 6,234 Turnkey Lab Space
11/15 2/16 181 Cedar Hill Street, Marlborough Helix Bind, Inc. 6,952 Year 1: $12.75+util
5 yrs 62,800 Year 2: $13.13+util $5.00 Tenant received one
12/15 12/15 157 Grove Street, Franklin FSP-One 1 mos Year 3: $13.13+util Year 4: $7.75 PSF NNN month free rent
5 yrs 50,105 Year 5: $8.00 PSF NNN $30.00
11/15 2/16 111 Locke Drive, Marlborough Oyo Sportstoys, Inc. 5 mos Year 1: $7.00 PSF NNN Tenant received five
40,650 Year 2: $7.25 PSF NNN Mos 37-48: $8.35 PSF NNN As-Is months free rent on a 65
9/15 11/15 630 Forest Street, Marlborough Verizon 3 yrs Year 3: $7.50 PSF NNN Mos 49-60: $8.60 PSF NNN month lease
26,277 Mos 61-66: $8.85 PSF NNN As-Is
10/15 2/16 753 Forest Street, Marlborough Richardson Electronics, LTD. 5 yrs Mos 1-5: $0.00 Building is built-out at
6 mos 65,706 Mos 6-12: $7.60 PSF NNN 2/1/19-1/31/20: $10.50 PSF NNN $18.00 classrooms and Tenant
8/15 12/15 734 Forest Street, Marlborough Cequr Corporation Mos 13-24: $7.85 PSF NNN 2/1/20-1/31/21: $11.00 PSF NNN uses the space for
7 yrs 15,625 Mos 25-36: $8.10 PSF NNN 2/1/21-7/31/21: $11.50 PSF NNN $10.00 training
8/15 12/15 15 Forge Park, Franklin Crown Equipment Corp. 6,949 Tenant received six
10 yrs 6,088 Year 1: $9.25 PSF NNN Year 5: $10.39 PSF NNN N/A months free rent on a 66
6/15 8/15 105 Forbes Boulevard, Mansfield Chrysler 3 mos 35,732 Year 2: $9.50 PSF NNN Year 6: $10.70 PSF NNN As-Is month lease renewal
37,050 Year 3: $9.75 PSF NNN Year 7: $11.02 PSF NNN
8/15 10/15 165 Grove Street, Franklin Advanced Flooring Systems, 10 yrs 27,731 $1.00 Tenant received two
Inc. 3 yrs 2/1/16-7/31/16: $0.00 Year 6: $8.53 PSF NNN Turnkey est. @ months free rent inside
2 mos 8/1/16-1/31/17: $9.00 PSF NNN Year 7: $8.68 PSF NNN $17.00 the term
7/15 9/15 575 West Street, Mansfield Samsonite 5 yrs 2/1/17-1/31/18: $9.50 PSF NNN Year 8: $8.84 PSF NNN $5.00
7/15 9/15 15 Commerce Way, Norton T-Mobile Northeast LLC 5 yrs 2/1/18-1/31/19: $10.00 PSF NNN Year 9: $8.99 PSF NNN LL responsible Tenant received three
Year 10: $9.15 PSF NNN for new ramp, months free rent
5/15 7/15 10 Forge Park, Franklin Heidelberg USA 7 yrs Year 1: $9.25 PSF NNN paint & carpet.
6/15 7/15 165 Grove Street, Franklin Residex LLC 5 yrs Year 2: $9.52 PSF NNN Year 4: $9.42 PSF NNN 40% of space will be
2 mos Year 3: $9.80 PSF NNN Year 5: $9.66 PSF NNN used for office
Year 4: $10.09 PSF NNN Renewal
Year 4: $7.11 PSF NNN
Year 1: $7.75 PSF NNN Year 5: $7.32 PSF NNN Expansion, no free rent
Year 2: $7.91 PSF NNN Renewal and expansion
Year 3: $8.06 PSF NNN
Year 4: $8.22 PSF NNN 50% of space will be
Year 5: $8.37 PSF NNN used for office
Tenant received two
August: $12.04 PSF NNN months rent free
Mos 1-12: $6.19 PSF NNN
Mos 13-24: $6.37 PSF NNN
Mos 35-38: $6.56 PSF NNN
Year(s) 1-5: $6.50 PSF NNN
Year 1: $8.75 PSF NNN
Year 2: $8.97 PSF NNN
Year 3: $9.19 PSF NNN
Aug: $12.00 PSF NNN
Year 1: $6.50 PSF NNN
Year 2: $6.70 PSF NNN
Year 3: $6.90 PSF NNN
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 18
LEASE COMPARABLES
DATE SIGNED START DATE ADDRESS TENANT TERM SF RENT SCHEDULE TI/SF COMMENTS
Virgin Instruments 5 yrs 13,500 $16.74 Three months rent free
5/15 10/15 261 Cedar Hill Street, Marlborough 3 mos 29,404 Mo(s) 1-15: $8.00 PSF NNN Mo(s) 40-51: $8.75 PSF NNN $10.00
Vention Medical Mo(s) 16-27: $8.25 PSF NNN Mo(s) 52-63: $9.00 PSF NNN 5,000 SF expansion space
4/15 6/15 261 Cedar Hill Street, Marlborough 5 yrs 5,601 Mo(s) 28-39: $8.50 PSF NNN As-Is added onto a 5 yr renewal
6/1/19-5/30/20 : $11.55 PSF NNN
4/15 6/15 34 St. Martin Drive, Marlborough Motion Industries, Inc. 5 yrs 6/1/15-5/30/16: $10.25 PSF NNN 6/1/20-5/30/21: $11.90 PSF NNN Lease renewal
3/15 8/15 38 Forge Park, Franklin 2 mos 6/1/16-5/30/17: $10.56 PSF NNN 6/1/21-9/30/21: $12.26 PSF NNN
Kit Zeller/ Kaman Industrial 6/1/17-5/30/18: $10.88 PSF NNN
3/15 7/15 734 Forest Street, Marlborough Technologies Corporation 5 yrs 6/1/18-5/30/19: $11.21 PSF NNN $2.00
3/15 7/15 131 Flanders Road, Marlborough 3 mos
2/15 4/15 140 Locke Drive, Marlborough Mo(s) 1-62: $7.55 PSF NNN
1/15 4/15 135 Flanders Road, Westborough
31,974 Year 1: $3.80 PSF NNN Year 4: $11.00 PSF NNN $20.00 Three months rent free
Year 2: $9.50 PSF NNN Year 5: $11.75 PSF NNN
Year 3: $10.25 PSF NNN
Mo(s) 25-36: $9.55 PSF NNN
Chroma System Solutions 5 yrs 11,111 Mo(s) 1: $0.00 Mo(s) 37-48: $9.83 PSF NNN $5.00 Lease renewal. Tenant received
7,350 Mo(s) 2-12: $9.00 PSF NNN Mo(s) 49-60: $10.13 PSF NNN one month free within the term
Microwave Components and 5 yrs 15,000 Mo(s) 13-24: $9.27 PSF NNN Year 4: $7.25 PSF NNN
24,400 Year 5: $7.50 PSF NNN $10.00 Five months rent free Year 6
Systems 5 mos Year 1: $5.00 PSF NNN Year 6: $3.23 PSF NNN Rent is 5/12ths of $7.75
Year 2: $6.75 PSF NNN
West River Pharm, Inc. 3 yrs Year 3: $7.00 PSF NNN Mo(s) 31-42: $5.75 PSF NNN $10.00 Lease Renewal
Mo(s) 43-54: $6.00 PSF NNN
Cogentix Medical 10 yrs Year 1: $8.50 PSF NNN $0.25 escalation thereafter $25.00 Tenant pays on 18,000 SF in
6 mos Year 2: $9.00 PSF NNN Turnkey months 7-18, 20,000 SF in
Year 3: $9.50 PSF NNN As-Is months 19-30, 22,000 SF in
months 31-42. Months 1-6 free
Mo(s) 1-6: $0.00
Mo(s) 7-18: $5.00 PSF NNN Tenant received three months
Mo(s) 19-30: $5.50 PSF NNN free rent. Turnkey build-out in
lease. 3% Rent Bumps Annually
1/15 10/15 15 Commerce Way, Norton The Terminix International 5 yrs 4,240 Year 1: $9.25 PSF NNN Year 4: $10.11 PSF NNN
Company Limited Partnership 3 mos 60,885 Year 2: $9.53 PSF NNN Year 5: $10.41 PSF NNN 5 year lease renewal. No free
2/15 3,900 Year 3: $9.81 PSF NNN rent
3/15 150-170 Locke Drive, Marlborough GE Healthcare 5 yrs 7,644 Year 4: $9.96 PSF NNN
12/14 Year 1: $9.25 PSF NNN Year 5: $10.21 PSF NNN
12/14 5/15 157 Grove Street, Franklin CTS 1 yr 11,100 Year 2: $9.48 PSF NNN As-Is Short term renewal
3/15 753 Forest Street, Marlborough Mitutoyo 10,132 Year 3: $9.72 PSF NNN Year 5: $9.00 PSF NNN $10.00
7 yrs Year 6: $9.25 PSF NNN Tenant received three months
3 mos Year 1: $12.65 PSF NNN Year 7: $9.50 PSF NNN free rent
11/14 1/15 34 St. Martin Drive, Marlborough TierPoint 7 yrs Year 1: $8.00 PSF NNN 7/1/18-6/30/20: $6.56 PSF NNN As-Is Expansion of existing space
1/15 Ryan Construction 6 mos Year 2: $8.25 PSF NNN 7/1/20-6/30/22: $6.81 PSF NNN
10/15 15 Commerce Way, Norton Year 3: $8.50 PSF NNN $7.27 Tenant amortized half of
5 yrs Year 4: $8.75 PSF NNN Mo(s) 27-38: $10.60 PSF NNN TI Allowance into lease at
2 mos Mo(s) 39-50: $10.85 PSF NNN $.60 a year (included in Rent
1/1/15-2/29/16: $6.25 PSF NNN Mo(s) 51-62: $11.10 PSF NNN Schedule)
3/1/16-6/30/18: $6.06 PSF NNN
7/1/16-6/30/18: $6.31 PSF NNN 19
Mo(s) 1-2: $9.90 PSF NNN
Mo(s) 3-14: $10.10 PSF NNN
Mo(s) 15-26: $10.35 PSF NNN
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT
SALE COMPARABLES
50 OTIS STREET, WESTBOROUGH 6 OCTOBER HILL ROAD, HOLLISTON 450 & 500 DONALD LYNCH 261 CEDAR HILL & 753 FOREST
BOULEVARD, MARLBOROUGH STREET, MARLBOROUGH
BUYER/ ICON INTERNATIONAL/ BUYER/ JENNINGS REAL ESTATE BUYER/ ATLANTIC MANAGEMENT BUYER/ CALARE PROPERTIES/
SELLER: ASTRAZENECA SELLER: SERVICES/ AMERICAN SELLER: CORPORATION & FULCRUM REAL SELLER: WHEELOCK CAPITAL PARTNERS &
PHARMACEUTICALS ACOUSTICAL PRODUCTS ESTATE PARTNERS/ NORDBLOM NOVAYA REAL ESTATE VENTURES
COMPANY
SIZE: 259,000 SF SIZE: 80,000 SF SIZE: 121,899 SF SIZE: 134,404 SF
SALE PRICE/ $6.5M / $25.10 PSF SALE PRICE/ $4.3M / $53.75 PSF SALE PRICE/ $11.5M / $94.34 PSF SALE PRICE/ $14.125M / $105.09 PSF
PSF: PSF: PSF: PSF:
CAP RATE: N/A CAP RATE: N/A CAP RATE: 7.00% CAP RATE: 8.47%
SALE DATE Q4 2016 SALE DATE Q4 2016 SALE DATE Q3 2016 SALE DATE Q3 2016
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 20
SALE COMPARABLES
ADDRESS BUYER/SELLER SALE SF SALE PRICE % OCC. CLEAR HEIGHT COMMENTS
Q4 2016
50 Duchaine Boulevard, Eversource/ Parallel Products 201,584 $8M $39.69 PSF 0% 20’-35’ User Sale. Buyer plans to occupy the
New Bedford Q4 2016 building in Spring 2017 after renovations
36,000 $3.6M $100.00 PSF 100% 11’ - 15’ are complete.
4 Tech Circle, RW Holmes Realty Company/ Envision Healthcare Q1 2016
Natick Fully leased at time of sale.
Q1 2016
135 Forbes Boulevard, Norwest Group/ MDRE 3, LLC. 30,720 $3M $97.66 PSF 0% 21’ Vacant at time of sale.
Mansfield
27 S Maple Street, Allstate Trading Company / Van Millwork 81,000 $5.0M $61.73 PSF 0% 21’0” Fully leased to Van Millwork since 1988.
Bellingham Upon sale, Van Millwork will reduce footprint
198,336 $37.5M $189.07 PSF 100% - to 36,000 SF and Allstate Trading will occupy
68 & 78 Elm Street, NorthBridge CRE Advisors / US Realty Advisors Q1 2016 81,268 $4.0M $49.22 PSF 0% 10’0’’-24’0’’ remainder of space.
Hopkinton Main Hudson RT/ First American Realty Q4 2015
Calare Properties & Artemis / Campanelli Companies Q3 2015 Fully leased to Perkin Elmer for 10.5 yrs.
428 Main Street, 7.14% cap rate. Mix of office/lab/R&D/Ind.
Hudson Calare Properties & Artemis / Campanelli Companies Q3 2015
Vacant at time of sale.
139 Campanelli Drive,
Middleborough 84,650 $6.035M $71.29 PSF 100% 26’0” Fully leased to Stop & Shop for 7 years. 6.48%
80,100 $10.3M $128.59 PSF 100% 21’0” cap rate.
16 Leona Drive,
Middleborough Fully leased to IDEX Health & Sciences for
4.5 years. Class A, Single-Story Headquarter
19 Leona Drive, Calare Properties & Artemis / Campanelli Companies Q3 2015 108,000 $9.04M $83.70 PSF 100% - Office & Medical Device Manufacturing
Middleborough Facility; Includes a Class 10,000 Clean Room
& Class 1,000 Clean Room. 7.36% cap rate.
Fully leased to Sager Electronics for 6 years.
6.87% cap rate.
50 Bearfoot Road, AllCare Plus Pharmaceuticals/ The Hope Group Q2 2015 62,000 $2.5M $40.32 PSF 49% 9’ - 22’ 50% leased at time of sale.
Northborough
101 Constitution Chestnut Realty Management / Liberty Property Trust. Q1 2015 62,938 $5.5 M $87.39 PSF 66% 10’0”-16’0” 66% leased at time of sale. 8.10% cap rate.
Boulevard, Franklin
25 & 45 South Street, Fort Point Management / Parsons Commercial Group. Q1 2015 119,292 $11.0 M $92.21 PSF 100% 16’0” 100% leased at time of sale.
Hopkinton
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 21
SALE COMPARABLES
ADDRESS BUYER/SELLER SALE SF SALE PRICE % OCC. CLEAR HEIGHT COMMENTS
92 Blandin Avenue, Stonegate Group / Cygnus Capital Q4 2015 160,000 $3.175M $19.34 PSF 0% 14’0”-22’0” Vacant at time of sale.
Framingham
Amerco Real Estate Company / Campanelli Q4 2015 63,840 $2.45M $38.38 PSF 0% 19’6”-20’6” Vacant at time of sale.
40 Bearfoot Road, Companies Q4 2015
Northborough 36,000 $4.7M $130.56 PSF 0% 18’0”-20’0” Vacant at time of sale. Redevelopment
Mashpee Wampanoag Indian Tribe planned for resort/casino.
71 Stevens Street,
Taunton Mashpee Wampanoag Indian Tribe / The Maggiore Q4 2015 197,837 $19,247,500M 0% 18’0” Vacant at time of sale. Redevelopment
Companies $97.29 PSF planned for resort/casino.
50 & 60 O’Connell Way,
Taunton Stannah Stairlifts / Liberty Property Trust Q1 2015 97,146 $6.281M $64.66 PSF 100% 24’0” 100% leased to Stannah, Agrium
59,375 $2.425M $40.84 PSF 74% 20’0’’ Advanced Technologies, Eastern Mass
20 Liberty Way, Movers & Midstate Molding. 7.50% cap
Franklin rate.
125 John Hancock Road, Suffolk Advisors/CW Capital Asset Management Q4 2014 74% leased at time of sale.
Taunton Ivy Realty Services / First Colony Development. Q4 2014
Cross Services Group / Alfred L. Maurer Q4 2014 169,225 $14.5 M $85.68 PSF 96% 16’0”, 12’0”- 96% leased w/ 31 companies on the
19, 41-53 Brigham Street, IPG Photonics / Investors Warranty of America Q2 2014 20’0”, 18’0” Tenant roster. 7.80% cap rate.
Marlborough IPG Photonics / Investors Warranty of America Q2 2014
1 Kenwood, LLC / Franklin & CIF 2, LLC Q1 2014 13,419 $2.3M $171.40 PSF 100% 12’0” 100% Leased at time of sale. 6.50% cap
9-11 Erie Drive, rate.
Natick
56,577 $3.7M $65.40 PSF 0% 16’0’’ Vacant at time of sale.
257 Cedar Hill Street,
Marlborough 56,250 $3.093M $55.00 PSF 0% 16’0’’ Vacant at time of sale.
259 Cedar Hill Street, 34,650 $2.43 M $69.99 PSF 100% 15’0’’-20’0’’ 100% leased at time of sale.
Marlborough
1 Kenwood Circle,
Franklin
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 22
MARKET AERIAL TOUR
FRANKLIN/ FORGE PARK
SOUTH FRANKLIN INDUSTRIAL PARK
40 KENWOOD CIRCLE
EXIT 16
WASHINGTON STREET 157-165 GROVE STREET
25 KENWOOD CIRCLE
16 FORGE PARKWAY
FRANKLIN VILLAGE 10 FORGE PARKWAY 15 FORGE PARKWAY
SHOPPING CENTER 38 FORGE PARKWAY
WEST CENTRAL STREET
EXIT 17
24
5 FORGE PARKWAY
FORGE PARK
MBTA STATION
9 FORGE PARKWAY MAPLE STREET
NORTH
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT
FRANKLIN INDUSTRIAL PARK
140 CONSTITUTION BLVD
10 DISCOVERY WAY
130 CONSTITUTION BLVD VACANT
101 CONSTITUTION BLVD
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 25
BOROUGHS | EXIT 23 @ ROUTE 9
115 FLANDERS ROAD 129 FLANDERS ROAD
117 FLANDERS ROAD 133 FLANDERS ROAD
135 FLANDERS ROAD
131 FLANDERS ROAD
195 FLANDERS ROAD
201 FLANDERS ROAD VACANT
205 FLANDERS ROAD VACANT
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 26
NORTON/ TAUNTON
10 COMMERCE WAY EXIT 9
15 COMMERCE WAY
580 MYLES STANDISH BLVD
50 COMMERCE WAY
300 MYLES STANDISH BLVD 25 CONSTITUTION DRIVE
425 JOHN QUINCY ADAMS ROAD
200 MYLES STANDISH BLVD
100 MYLES STANDISH BLVD 177 ROBERT TREAT PAINE DRIVE
NORTON
30 ROBERT W BOYDEN ROAD 125 JOHN HANCOCK ROAD
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 27
MARLBOROUGH | I-290 450 DONALD LYNCH BLVD
NORTHBOROUGH 290
500 DONALD LYNCH BLVD
EXIT 25
50 BEARFOOT ROAD
10 BEARFOOT ROAD MARLBOROUGH
70 BEARFOOT ROAD
40 BEARFOOT ROAD
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 28
MARLBOROUGH | LOCKE DRIVE
33 LOCKE DRIVE
362 ELM STREET 140 LOCKE DRIVE
401 ELM STREET 150-170 LOCKE DRIVE
111 LOCKE DRIVE
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 29
CABOT BUSINESS PARK
111 FORBES BLVD
110 FORBES BLVD 375 FORBES BLVD
170 FORBES BLVD
25 FORBES BLVD
260 FORBES BLVD
111 FORBES BLVD 130 FORBES BLVD 100 HAMPSHIRE STREET
575 WEST STREET
15 BERKSHIRE ROAD 135 FORBES BLVD
21 OXFORD ROAD
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 30
FRAMINGHAM/ NATICK
5 STRATHMORE ROAD 2-4 MERCER ROAD
21 STRATHMORE ROAD
Q4 2016 I-495 WEST & SOUTH FLEX MARKET SNAPSHOT 31