Colliers Retained as Exclusive Leasing Agent for 156,000 Sq.Ft. Office Building in Quincy
- Apr 14, 2014
By Veronica Grecu, Associate Editor
Marina Bay Management Services, LLC has retained Colliers International to serve as the exclusive leasing agent for a premier office property in suburban Boston.
The four-story building is located at 500 Victory Road in Marina Bay in North Quincy, less than 10 miles south of Boston. The 156,000-square-foot property, which was built in 1987 according to data from PropertyShark.com, offers the combined benefits of a live-work-play environment and spectacular views thanks to its attractive setting in a growing neighborhood and its proximity to New England’s premier marina facility.
“Over the past several years, Marina Bay has developed and transformed into a first-class destination,” said Tom O’Connell of Marina Bay Management Services. “It offers city proximity, skyline views, and a lively atmosphere, all with value and conveniences of a suburban setting.”
For more than six years, 500 Victory Road has been occupied by media and information giant Thompson Reuters. Starting January 1, 2015, when the company’s lease agreement is set to expire, the building will offer 69,000 square feet of office space along with other amenities such a full-service cafeteria, fitness center, day care center and hair salon.
Over the past decades Quincy has become one of Boston’s top performing office submarkets. As previously reported in a Boston Business Journal special outlook, this was possible thanks to a wave of financial service and insurance companies that chose to relocate back-office functions to the suburbs. Colliers points out that the Quincy office market, which comprises 5.4 million square feet of office space, posts a vacancy rate of 13.5%, compared to the overall Route 128 South office submarket that reaches 18.4%.
The Colliers team representing Marina Bay Management Services includes Colliers Vice President David Goodhue, Executive Vice President James Elcock, Vice President Caleb Hudak, Assistant Vice President Timothy Lahey and Associate PJ Foster.
Image via Colliers International