The Davis Companies Executes 130,000 Square Feet of New Leases in Q4 of 2016 at The Center At Corporate Drive
Newly repositioned office campus now 94 percent leased to an array of distinguished companies
BURLINGTON, MA – February 15, 2017 – Through a significant repositioning of The Center at Corporate Drive at 10, 25, 30 and 35 Corporate Drive in Burlington, The Davis Companies (TDC) has increased occupancy to 94 percent at this highly desirable 487,000 square foot contemporary office campus with 130,000 square feet of leasing activity in Q4 2016.
TDC and Principal Real Estate Investors purchased The Center at Corporate Drive in September 2013, with a significant capital improvement plan including more than $8 million in renovations. Working with acclaimed CBT Architects, TDC renovated the park into a cohesive, Class-A campus, featuring a state-of-the-art amenities hub and extensive outdoor green space. TDC’s capital improvements included: a 7,850 square foot cafeteria with flexible conference space; a 2,100 square foot fitness center with a yoga room, new showers and locker facilities; and a 4,500 square foot outdoor patio with green space and numerous collaboration areas with Wi-Fi connectivity. The campus is just 15 miles northwest of Boston on 47 beautifully landscaped acres at the intersection of Route 3A and Route 128, and offers views of Boston’s skyline. This ideal location provides easy access to the Burlington Mall, Lahey Medical Center, and a variety of hotels, retail and restaurant destinations.
The following tech companies have made The Center at Corporate Drive their world headquarters:
- Everbridge, a leader in critical communications, with 46,132 square feet at 25 Corporate Drive
- Endurance International Group, a leading provider of cloud-based platform solutions designed to help small and medium-sized businesses succeed online, is now occupying the entire 107,000 square foot building at 10 Corporate Drive
- ClickSoftware, a developer of cutting edge field service technology, with 32,517 square feet at 35 Corporate Drive
Additionally, the following companies are opening offices at The Center at Corporate Drive:
- Liberty Mutual Insurance, a leading insurance provider that offers personal and business-related insurance options, at 25 Corporate Drive
- Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest independent semiconductor foundry, at 35 Corporate Drive
- Torchlight, a pioneering technology platform that provides resources for modern caregiving, at 25 Corporate Drive
- Santhera Pharmaceuticals, a specialty pharmaceutical company that develops medicines for patients living with mitochondrial disorders and other rare diseases, at 25 Corporate Drive
- Cornerstone Financial, a leading financial services consulting group, at 35 Corporate Drive
“Since the purchase in 2013, we have executed more than 309,000 square feet of leasing at The Center at Corporate Drive. Much of our success has come from working with our existing tenant base and helping them to grow within the Park. Our tenants can see for themselves that we continually invest in our properties to improve the quality of their experience,” said Gary Hofstetter, Senior Vice President of Asset Management at The Davis Companies. “The new central amenities hub and green space have allowed us to renew and expand our existing tenants, attract new companies like Liberty Mutual Insurance, Cornerstone Financial and Robert Half International, and ultimately outperform the market on vacancy percentage. With our fully permitted 270-unit multi-family building planned for the currently vacant lot at the property, the Park will become even more vibrant and energized. We are excited to see this vision come to life.”
“The Center at Corporate Drive offers tenants the type of live/work/play environment that has become the standard in the modern workplace,” said Kerry Olson Hawkins, First Vice President at CBRE. “The impressive leasing momentum at the Center further exemplifies The Davis Companies’ ability to relate to and understand what is appealing to tenants.”
Sophisticated owners of outdated suburban office parks are investing in the repositioning of their properties in order to compete with downtown Boston office buildings. TDC’s ability to revamp such properties into vibrant, amenity-rich campuses has been successful throughout Greater Boston and beyond. Among its recent projects, TDC has also re-imagined: 67 South Bedford Street in Burlington, MA, a four-story, 176,886 square foot office building, where the firm recently executed a lease expansion with Lahey Hospital & Medical Center for their administrative and medical office suites; One Cabot Road in Medford, MA, a four-story, 308,954 square foot building just four miles from Boston; The Xchange at Bedford, an eight-building, approximately 475,000 square foot campus in Bedford, MA; and, 1025 – 1075 Main Street in Waltham, MA, two interconnected office buildings totaling 303,460 square feet that TDC is currently upgrading with new amenities.
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.