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Owner Farley White and Leasing Agent Jones Lang LaSalle Execute Transactions Totalling 90,000 SF in 2012
BOSTON, December 6, 2012 – Farley White Interests and Jones Lang LaSalle announce that Mimecast North America, Fresh Tilled Soil, and Kearsarge Energy have signed long-term leases totalling 49,565 square feet at the recently renovated Riverworks complex located at 480 Pleasant Street in Watertown, MA. Mimecast, doubling in size and relocating from the Waltham Watch Factory building, will occupy 33,669 square feet on the first floor to serve as its new US headquarters. Their move is scheduled for May 2013. In January, Fresh Tilled Soil will quadruple its current footprint and relocate from the Watch Factory into 14,230 square feet of headquarters space on the third and fourth floors. Kearsarge Energy has secured a 1,666 square foot suite on the first floor adjacent to the main lobby. The company relocated from One Gateway Center in Newton.
Jones Lang LaSalle Vice President Daniel Kollar, Vice President Brendan Cohn, and Executive Vice President Peter Bekarian served as brokers representing the landlord. Cassidy Turley Senior Managing Director Brian Hines and Senior Associate Ryan Romano negotiated on behalf of Mimecast. Managing Director Greg Hoffmeister and Vice President John Frisch of T3 Advisors represented Fresh Tilled Soil. Kearsarge Energy was represented by Newmark Grubb Knight Frank Senior Managing Director Daniel Krysiak.
Since opening in May of 2012, approximately 90,000 square feet have been leased at Riverworks by a total of six tenants, bringing the complex to 46% occupied. The property features two inter-connecting renovated mill buildings on the banks of the Charles River. It was purchased by Farley White in late 2010. As a well-known owner/operator in Greater Boston with a portfolio of approximately three million square feet, Farley White has injected new life into the complex which previously served as Boston Scientific’s world headquarters.
Riverworks, which totals almost 200,000 square feet, has been repositioned as a unique multi-tenant work environment. Recent capital improvements include a new cafeteria and fitness center, a new main entry along Pleasant Street, a newly appointed interior courtyard with outdoor seating, and the installation of more than 100 new windows throughout the complex to foster vibrant, dynamic office environments.
The original brick and beam architecture has been meticulously maintained. The property is set on the Charles River bike/jogging path and MDC park with tennis courts and an ice rink. Riverworks is 1-1/2 miles from the Mass Pike and a short distance from MBTA bus, subway, and commuter rail lines. The 11-acre site also provides tenants with up to 700 surface parking spaces.
“Boston is in the premier league for innovation and Riverworks is the perfect complex for Mimecast’s new North American headquarters,” said Mimecast General Manager, Mark Bilbe. “We have ambitious growth targets, but Riverworks accommodated Mimecast’s scale and vision for creating the right environment to attract top talent and create an amazing work space.”
Added Richard Banfield, Co-founder and Chief Executive Officer of Fresh Tilled Soil, “The expansion to Riverworks will allow us to better support our UI/UX clients and simultaneously grow our AUX (apprenticeship program). The new space will also include a large dedicated training venue to service the high demand for our Labs. We more than doubled our team and revenues in 2012 and next year holds the opportunity for equalled success. Our decision to move to Riverworks was made infinitely easier once we met with Farley White and Jones Lang LaSalle. They made the negotiations and transaction painless. This feels like a true partnership”
Farley White Principal Sam Altreuter said. “These new leases bring us three innovative companies which will add to the dynamism of Riverworks. We are enjoying seeing this grand facility come back to life, and of course it feels all the better as Watertown’s Pleasant Street corridor is seeing a burst of new investment.”
About Farley WhiteFarley White Interests is a Boston-based owner of commercial real estate. The company owns and operates approximately three million square feet of commercial buildings which serve over 200 tenant customers. Farley White endeavors to go beyond the expected. The company is passionate about its buildings and continuously works to improve them aesthetically and functionally. Farley White enhances each of its properties with a focus on improvement, a respect for quality design and craftsmanship and quality service coupled with responsive management. These efforts benefit their customers by giving tenants superior workplaces and allowing investors to accumulate standout return on investment. For further information, please visit Farley White’s web site at www.farleywhite.com.
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 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
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