Boston-Area Asset Inks 260 KSF in Leases

Owners National Development and AEW Capital Management signed long-term lease extensions with the two largest tenants of the mixed-use property.
The District Burlington

National Development and AEW Capital Management, the ownership venture of The District Burlington, have signed long-term lease extensions with the two largest tenants at the mixed-use property.

BAE Systems, the largest tenant at The District Burlington, signed a 135,018-square-foot lease extension, while a second tenant that was not disclosed signed a long-term extension for nearly 125,000 square feet. Michael O’Leary, John Boyle and Elizabeth McLaughlin of Cushman & Wakefield represented ownership in the former deal.

Located at 600 District Ave. in Burlington, Mass., The District Burlington is an office campus in suburban Boston that was built in the 1970s but was transformed into a mixed-use, walkable neighborhood. The site is a 45-minute drive from downtown Boston and is located close to interstates 93 and 95.

New additions

The campus has more than 80,000 square feet of new office space, several open space improvements and 160,000 square feet of new amenities that include a hotel, six restaurants and garage parking. Over the last 9 months, The District has signed more than 30 leases totaling nearly 450,000 square feet.

“We know how important healthy food options, amenities and community engagement are to our tenants, and our significant investments at the property reflect what today’s growing companies need and want in a workplace,” said Leah Harsfield, vice president at National Development, in prepared remarks.

Last month, a joint venture of Saracen Properties and Cadre acquired One Newton Place, a 172,813-square-foot office property in the Boston suburb of Newton, Mass., for $50.7 million.

Image courtesy of The District Burlington