November 02, 2017
Boston – Transwestern Consulting Group (TCG) today announces it represented New York Life Real Estate Investors in two lease renewals totaling 122,578 square feet at 14 Aegean Drive in Methuen, Massachusetts. TCG Partners John Lashar, John Wilson and James Lipscomb represented building ownership in the leases with Crown Holdings Inc. and Hologic Inc.
Constructed in 2001, 14 Aegean Drive is a 234,000-square-foot, high-bay warehouse building featuring 30-foot clear heights and ESFR sprinklers. The building is fully occupied by four tenants. TCG provides leasing and property management services for the building.
“One of the few modern, high-bay warehouse buildings in the region, 14 Aegean Drive completely satisfies modern shipping and distribution requirements,” said Lipscomb. “New York Life displayed terrific foresight in purchasing this asset several years ago in what’s become a space-constrained industrial market along Interstate 495 North.”
Crown Holdings, a leading supplier of packaging products to consumer marketing companies around the world, renewed its lease for 85,000 square feet and was represented by Mark Reardon and Carl Gersbach of CBRE. Hologic, a leading global healthcare and diagnostics company, renewed its lease for 37,578 square feet and was represented internally.
According to research from Transwestern, the I-495 North submarket had 3.3 million square feet of high-bay warehouse space with 4.3 percent vacancy at the close of third quarter 2017.
ABOUT NEW YORK LIFE REAL ESTATE INVESTORS
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $51.3 billion in assets under management as of June 30, 2017, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
ABOUT TRANSWESTERN CONSULTING GROUP
Transwestern Consulting Group works with owners and occupiers of real estate to design and execute customized, labor-centric strategies that consider corporate objectives, economic drivers and industry trends to solve complex business challenges. Using a data-driven approach, our dedicated team of multimarket specialists integrates transactional expertise with the appropriate mix of site selection and demographic analyses; financial modeling; supply chain management; incentives negotiation; portfolio optimization; workplace strategy; and branding solutions for the achievement of each client’s goals.
Transwestern is a privately held real estate firm of collaborative entrepreneurs whodeliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Boston office, follow @TranswesternBOS.