Woburn-based Maggiore Cos. is currently developing the Franklin Business Center, a 113,000-square-foot speculative facility in Franklin slated for occupancy by October. Among those attending a recent groundbreaking at the property are: (from left) Robert McGuire, principal of CBRE/Whittier Partners, the exclusive leasing agent for the building; and Matthew Maggiore and Paul J. Maggiore of Maggiore Cos.
Interjecting a rare dose of construction into Greater Boston’s research-and-development/flex market, the Maggiore Cos. of Woburn is moving full-speed ahead on a 113,000-square-foot speculative building in Franklin. Catering to tenants seeking as little as 7,000 square feet, the Franklin Business Center is slated for occupancy by October, with CBRE/Whittier Partners retained as exclusive leasing agent.
“The heat is on us to get it leased,” CBRE/Whittier principal Robert McGuire said last week, alluding to the developer’s track record of erecting properties quickly by relying on its in-house design team and affiliated Paul Maggiore Builders Corp., which is serving as general contractor. According to McGuire, the hands-on approach has been helpful in pitching the park to prospective tenants.
“Paul is extremely easy to deal with,” he said. “If you need something, he’ll get it done immediately.” Paul J. Maggiore agreed that a close relationship with tenants is a cornerstone of his approach, as well as catering to diverse business models. Although the standard format allows for about 10 percent office build-out, Maggiore tenants can adjust that ratio if so desired, said McGuire, adding that mechanical systems, plumbing and other infrastructure in Maggiore’s multi-tenanted properties are also installed to provide maximum flexibility.
“Paul has got the right formula for this market,” said McGuire, whose firm represents the Maggiore Cos. on two similar properties in Southborough. “It’s new, quality product that is [well-maintained] and priced right.” The 18-foot bay heights do not lure massive warehouse distribution users who prefer 30-foot clearance, but McGuire said there are plenty of companies involved in sales, service, light assembly and life sciences which find Maggiore’s offerings perfect for their requirements.
CBRE/Whittier is fanning the flames for prospects in both the south suburban market and up into the Marlborough and Northborough region. Joining McGuire on the leasing team are CBRE colleagues Chris Tosti, Matt Flaherty, Jim Nicoletti, Rob Walles, Steve Clancy and Jason Denomcourt. “They are very professional,” Maggiore said of the CBRE team, praising McGuire for his work at the 495 Technology Center in Southborough, which has barely 25,000 square feet of 310,000 square feet currently unleased. Although McGuire declined to discuss specifics, he estimated about 65,000 square feet of interest from three prospects is already in play for the Franklin Business Center.
A Popular Destination
Situated on a 12-acre parcel along Route 140, the Franklin Business Center also is expected to benefit from several pending upgrades to that critical suburban roadway, said McGuire, including a new bridge and streamlined access to Interstate 495. As evidenced by a number of industrial and research parks in the town, Franklin is already a popular destination for the business community, with location considered a key factor. Projects along Route 140 should only become more attractive once the roadwork is done, said McGuire.
After concentrating in past years on the Marlborough and Southborough real estate markets, Maggiore is now into its fourth flex building in Franklin, with the nearby Grove Street Business Center almost completely leased up after breaking ground three years ago. Listed by broker Scott R. Hughes, the Grove Street Business Center has only 7,000 square feet of 221,000 square feet remaining in the three buildings there. The roster includes two tenants who followed Maggiore into Franklin from a MetroWest building he previously developed and then sold.
Besides the geographic attractions, Maggiore credited Franklin itself for keeping him interested in doing additional business locally. “They are really fabulous,” he said of the community’s planning officials. “If you do your job properly, and they know you are a good operator, they will bend over backwards to help.” Partly to promote the business address, Maggiore provides extensive landscaping to its real estate undertakings, further enhancing the firm’s image with the community. “Paul just does it right all the way through,” said McGuire.
Maggiore is offering the Franklin Business Center for lease, but is also moving to take advantage of an increased desire for commercial condominiums, both for office and industrial users. As Banker & Tradesman reported last month, several local groups are pushing forward to convert existing industrial space into condominiums, including Leggat McCall Properties, which recently paid $29 million for nine buildings in the Shawmut Industrial Park in Canton with an eye towards partial conversion.
“It’s excellent,” Maggiore said of the concept. Enabled by continued low interest rates, the commercial condo trend “gives a business owner the ability to own their own real estate,” he said. The typical prospect would likely be less than 10,000 square feet, playing well into Maggiore’s specialty. The firm is currently eyeing a site next to the Franklin Business Center for a 30,000-square-foot flex condo building that would subdivide to less than 3,000 square feet, said Maggiore. The 2.5-acre parcel is located in Bellingham.
As Maggiore pushes forward on that plan, the Franklin Business Center is already under construction. The venture was kicked off late last month with a groundbreaking at the property. McGuire, Nicoletti and Denomcourt represented CBRE/Whittier in the ceremony, joining Paul Maggiore and his son, Matthew Maggiore, as well as several public officials. Among them were Franklin Building Commissioner David A. Roche, Franklin Fire Chief Gary McCarraher and Franklin Town Administrator Jeffrey D. Nutting. Franklin Town Council President Robert Vallee also attended, as did state Rep. James E. Vallee, D-Franklin.
Joe Clements may be reached at jclements@thewarrengroup.com.
