Skip Ribbon Commands
Skip to main content

News release

BOSTON, MA

NERI, pSivida, Digital Impulse, and TRACS Lease Total of 52,326 SF at Riverworks in Watertown

Owner Farley White and Leasing Agent Jones Lang LaSalle Execute Transactions Bringing Building to 82% Leased


BOSTON, January 13, 2014 – Farley White Interests and Jones Lang LaSalle announce that New England Research Institute (NERI), pSivida Corp., Digital Impulse, and TRACS have signed long-term leases totaling 52,326 square feet at the Riverworks complex located at 480 Pleasant Street in Watertown, MA. NERI, relocating from 9 Galen Street in Watertown, will occupy 33,658 square feet on the first, third and fourth floors. Their move is scheduled for July 2014. pSivida, also relocating from Watertown, will occupy 13,650 square feet of new headquarters space. Digital Impulse has leased a 2,597 square foot suite, and TRACS secured 2,422 square feet, both on the first floor.

Jones Lang LaSalle Senior Vice President Daniel Kollar, Vice President Brendan Cohn, Executive Vice President Peter Bekarian, and Vice President Tyler Spring served as brokers representing the landlord Farley White. JLL Managing Director Brooks Murphy and Executive Vice President Neil Ross negotiated on behalf of NERI. Senior Managing Director, Principal Ted Lyon and Associate Vice President Ryan Romano represented pSivida. Digital Impulse was represented by Cushman & Wakefield Associate Director Matt Malatesta, and TRACS was represented by Newmark Grubb Knight Frank Senior Managing Director Dan Krysiak.

Riverworks was the headquarters of Boston Scientific starting in the 1980’s. Originally built to harness water power from the Charles River in the late 1700’s, the facility hosted a variety of industrial uses and was expanded many times. Canvas for the sails on the USS Constitution were woven there. In the 1920’s the John Lodge Company wove woollens for fine clothing there.

Farley White Principal Sam Altreuter said: “Riverworks is exceeding our expectations. Our customers have allowed us to create spaces that are each a little different, but they all take advantage of the special characteristics of the complex of buildings. It is gratifying to see the lights are back on, the corridors are active, and work is getting done here again.”

Totalling almost 200,000 square feet, Riverworks has been repositioned as a unique multi-tenant work environment. Recent changes 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.

Since opening in 2012, approximately 160,000 square feet have been leased at Riverworks by a total of fifteen tenants, bringing the complex to 82% leased. 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 made major capital improvements to the complex resulting in the successful leasing program. Riverworks recently received the 2013 Business Revitalization Award given by the Watertown-Belmont Chamber of Commerce. The Award is given for “outstanding contribution to our community through significant redevelopment or enhancement of a commercial or industrial property.” There is currently just 28,544 square feet available in three suites at Riverworks.

About Farley White
Farley 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 LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.