Excerpted from Baker & Tradesman….
Don’t Call Them Office Parks
Fresh Starts For Obsolescent Properties
By Steve Adams
Banker & Tradesman Staff
“Innovate or die” is the rallying cry of the tech elite, but it’s just as appropriate a slogan these days for suburban commercial landlords trying to keep properties relevant to 21st-century work and living preferences.
In many cases, the preferred option is to start from scratch….
Clean Slate In Waltham
Few developers have a longer-term perspective on the Route 128 suburban market than Hobbs Brook Management. The Waltham-based company has owned the 13-building Hobbs Brook Office Park since its inception in 1954.
In 2012, executives took a hard look at the future of 275 Wyman St., a 90,000-square-foot multi-tenant office building that was approaching obsolescence.
“We started talking about it and kicking the tires. It was getting a little outdated, and it was just time,” said Patricia Holland, a real estate manager and leasing specialist for Hobbs Brooks Management.
The company began arranging for tenants to relocate in other buildings within the park and hired Margulies Perruzzi Architects of Boston to design a new 315,000-square-foot office building for up to four tenants. In 2013, Lexington-based promotional materials company VistaPrint agreed to lease the entire building for its new headquarters.
Nearing completion this summer, the building was designed with all the latest trappings. A vast majority of the space has open floor plans and floating ceilings with exposed utilities, said Santo Dettore, construction specialist with Hobbs Brook Management…”
Read the whole story HERE.