Tenant and Landlord collaborate to plan a dramatic repositioning of the vintage 1930s former soda fountain factory located in the heart of Watertown’s dynamic Arsenal Street Corridor
WATERTOWN, MA – January 18, 2017 –The Davis Companies (TDC) today announced the execution of a 10-year lease extension with VHB, an engineering, science, planning and design firm, at 101 Walnut Street in Watertown, MA. With the extended term added to the existing lease, the new agreement now runs through December 2030, enabling VHB to maintain and dramatically enhance its corporate headquarters at in Watertown. The building will undergo an extensive transformation to create a dynamic, modern workspace, including new features such as a large central café and conference center with an outdoor patio. Much of the building’s original structural elements will be exposed, such as the extraordinarily high ceiling heights that run throughout the majority of the space, adding exceptional drama to the building. Dan Peruzzi of Margulies Peruzzi Architects, has been retained by TDC to lead the redesign. VHB has been the major tenant at 101 Walnut Street for roughly 20 years. The strength of their commitment to the location and relationship with TDC are reaffirmed with this renewed commitment to the building. The new premises total 78,000 square feet.
“We are deeply connected to the Watertown community, and are proud to be part of the bustling Arsenal Street Corridor,” said Mike Carragher, President and CEO of VHB. “We are not just making our corporate headquarters into an exceptional workspace that fosters collaboration, innovation and technical experience, but are also considering the best interests of our employees, the sustainability of our company and our foundation for future growth in the design of our new space.”
Working with Margulies Perruzzi Architects, TDC will create a contemporary workplace setting for the company’s headquarters, adding much-needed amenities and collaboration spaces befitting this award-winning engineering firm. The transformationwill include a new entryway experience, new office space transformed from an existing warehouse within the building, upgraded conference rooms, an enhanced café and conference center, and new furniture, carpeting and paint throughout. VHB will continue to occupy the building throughout the renovations.
“We place great value in our long-term relationships with exceptional tenants such as VHB. Given the area’s rapid and continuing improvement, we are confident in making a substantial investment in this distinctive property in order to create a signature workplace for VHB,” said Pam Adamian, Senior Vice President for The Davis Companies. “Together, TDC and VHB are investing in the company’s future, as well as in the future of Watertown. Improving work environments and creating dynamic, collaborative spaces is a hallmark of our firm’s activities.”
101 Walnut Street is ideally located in close proximity to a wide array of restaurants, hotels and retail destinations, including the Arsenal Mall, which will soon be undergoing a transformation of its own into a prime retail and residential complex to be known as Arsenal Yards. VHB’s corporate headquarters is highly commuter friendly, just 10 minutes from the Mass Pike, and within walking distance from the MBTA’s 70 and 70A bus lines, which provide service to the Red Line.
J.R. McDonald, an executive managing director at Newmark Grubb Knight Frank, represented VHB in the transaction.
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 $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
Founded in 1979, VHB’s passionate team of engineers, scientists, planners, and designers provides consulting services to clients in the transportation, real estate, institutional, and energy industries, as well as to federal, state and local governments. VHB partners with clients from 23 offices along the east coast to improve mobility and enhance communities while balancing development and infrastructure needs with stewardship of our environment www.vhb.com.