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OwnerIQ, Weidlinger Associates & Rethink Robotics Sign with Meritage Properties
BOSTON, July 16, 2012 — Meritage Properties LLC announced today that it has executed three new lease transactions for a combined 31,822 square feet at Tower Point @ A Street, Boston. The leases were signed with the OwnerIQ, Weidlinger Associates, and existing tenant Rethink Robotics (formerly Heartland Robotics). Jones Lang LaSalle is the exclusive leasing agent for Tower Point.
Thus far in 2012, the property has signed leases with seven tenants for a total of over 50,000 sf of new leasing. Meritage also recently completed an extensive redesign of the building lobby, featuring a back-painted glass wall, granite flooring, and stainless steel detail throughout. Located in the City’s Innovation District, Tower Point continues to benefit from the migration of technology and emerging companies to the Innovation District.
“The continued influx of companies into the Innovation District and to Tower Point specifically is a great testament to the long term viability of the Seaport as the new home for creative companies in Boston” said Meritage Properties’ Director Erin Shaw. “We’re fortunate to have had the opportunity to operate and upgrade Tower Point over the past four years, and are excited about the energy that these seven groups bring to the building. Working with Jones Lang LaSalle has been an important benefit on the leasing front, as they share our long term vision of technology and innovation for the building and have sought out new tenants that fit with that theme.”
Weidlinger Associates, currently located in Kendall Square, will lease approximately 12,000 sf on the second floor while Rethink Robotics, an existing tenant, will expand into the remaining 8,300 to complete the leasing on that floor. OwnerIQ will be relocating from 320 Congress Street to lease 11,600 sf on the 4th floor of the building.
Jones Lang LaSalle Managing Director Ben Heller, Executive Vice President Tom ORegan, and Vice President Bryan Sparkes served as brokers representing owner Meritage Properties. Senior Vice President Steve Rich of UGL Services represented Weidlinger Associates while Rethink Robotics was represented by Tim Latham of Lincoln Property. OwnerIQ was represented by the CRESA team of Mitch Jacoby, Rick Lowe and Brandon Leitner.
Tower Point now has the ability to accommodate users from 6,000 sf up to 60,000 sf. The property is a completely repositioned brick and beam building located at the gateway of the waterfront. The six-story boutique gem with its iconic brick tower is positioned across from the Boston Convention and Exhibition Center less than five minutes from South Station, the Financial District, Logan Airport, and the Silver Line, with major highway access to I-93 and I-95. The building features a recently renovated main lobby with a back painted glass elevator wall, granite flooring and stainless steel finishes throughout. The property hosts a dedicated shuttle bus to transport tenants and visitors to and from South and North Stations throughout the day. It provides on-site property management and security, 58 parking spaces for tenants, and 24/7 card-key access.
According to Jones Lang LaSalle’s Sparkes: “The move to Tower Point by Weildinger and OwnerIQ, along with Rethink Robotic’s decision to expand on site, speak to the continued development of the A Street corridor and the ability of users to still find great value in a high-calibre asset within the Seaport. The recent renovation to the building lobby also validates Meritage’s effort to answer the call of many young, creative companies that are attracted to this asset. We believe Tower Point remains well positioned for future leasing.”
About Meritage PropertiesFounded in 2003, Meritage Properties is a value-oriented owner operator of office properties, primarily focused on the Boston to Washington, D.C. corridor. Since inception, Meritage has acquired a portfolio of approximately 3 million square feet of office space and 500 residential units. The company utilizes a combination of disciplined underwriting metrics, best in class operating principals, outstanding business reputation and ethics, and an unwavering commitment to excellence to create value by repositioning underperforming assets into market sector leaders.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47.2 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
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