Clarks Americas HQ Building Lands $40M Financing

The Class A office asset features creative work loft office space and is part of the Polaroid Campus redevelopment project.

By Mihaela Coste

60 Tower Road in Waltham, Mass.
60 Tower Road in Waltham, Mass.

Boston—Colliers International recently announced that it has arranged a permanent leasehold financing in the amount of $40.4 million for a 120,000-square-foot Class A office building in Waltham, Mass. The property serves as the corporate U.S. headquarters of Clarks Americas Inc., a global shoemaker, designer and retailer.

Jeff Black, senior vice president, and Kevin Phelan, co-chairman of Colliers, represented the borrower, a joint venture between 1265 Main Street LLC and a wholly owned subsidiary of Boston Properties, to place the 15-year fixed-rate loan through Sun Life Assurance Co. of Canada. According to Yardi Matrix data, the loan bears interest at a rate of 3.8 percent per year.

Situated at 60 Tower Road, the building represents the office component of the first phase of 1265 Main, a mixed-use redevelopment project for the 94.4-acre former Polaroid Campus. The three-story LEED Gold-certified asset recently underwent a transformational repositioning that maintained the existing exterior structure and dimensions of the building, while upgrading the façade and completely rebuilding the interior and systems. The asset was completed in 2016 and features creative work loft office space on the second and third floors, a 50,000-square-foot parking garage on the first floor, a lobby, high ceilings, a fitness center, and a large roof-mounted solar array.

The property offers convenient access through Interstate 95, State Route 117 and US Route 20, all in close proximity. Retailers including Market Basket, Starbucks, Marshall’s, Jake n Joe’s, Not Your Average Joe’s and Flank Steakhouse are part of the same redevelopment project and are located nearby.

“Placing the financing with Sun Life involved a highly competitive bidding process which demonstrated the market’s response to the creative reuse of the building to create a unique, high performance workspace, as well as the highly desirable and visible location in the heart of Waltham’s vibrant office community,” said Black in a prepared statement.

Image courtesy of Colliers International