Verizon Expanding to 200,000 SF in Waltham
Verizon has signed a 200,000 square foot, 10-year lease at the Reservoir Woods East Campus in Waltham, Mass. The transaction includes extending an existing lease for 140,000 square foot and the build out of an additional 60,000 square feet of new Class A office and lab space, which will become the Verizon Technology Innovation Center.
Construction of the Verizon Technology Innovation Center is slated to begin in the coming months and the new building will be developed to LEED Silver standards of the United States Green Building Council (USGBC).
Andrew Majewski from CB Richard Ellis represented Davis Marcus Partners in the transaction and David Wright and Amy Perlman, also of CB Richard Ellis represented Verizon. Reservoir Woods is owned by a venture between affiliates of Davis Marcus Partners, a venture between Marcus Partners and The Davis Companies, in partnership with Prudential Real Estate Investors (PREI) on behalf of institutional investors.
Reservoir Woods East is a 54-acre office/research and development property purchased by Davis Marcus Partners in partnership with Prudential Real Estate Investors in December 2006. Together, Reservoir Woods East and West comprise a 120-acre wooded campus. Centrally located between the Mass Turnpike and Route, 2, Reservoir Woods is surrounded by the corporate headquarters for Raytheon Corporation, the Massachusetts Medical Society, and the North American Discovery Center for Astra Pharmaceuticals..
Dick Lynch, Verizon executive vice president and chief technology officer, said, “Verizon reviewed many market alternatives as we thought about this expansion and decided to increase our presence at Reservoir Woods East due to its excellent location and because we feel comfortable that we will be able to take occupancy of a highly specialized building in a short period of time. The professionals at Davis Marcus Partners have consistently delivered creative solutions to our tenant growth needs and we are pleased to work with them in this venture.”
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