Kronos Renews Six-Year Lease In Chelmsford
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Kronos Inc., the international workforce management company, has renewed a six-year lease to remain at its Chelmsford four-building campus.
After signing a six-year lease extension to keep its corporate headquarters in Chelmsford, international workforce management firm Kronos Inc. is making a hefty investment in its building.
The company is planning a $2.7-million upgrade to the 55,000-square foot area at 300 Billerica Rd., which is one of four buildings at the company's campus in the northern I-495 region.
Upon completion of the renovation, the futuristic workplace will feature natural lighting, collaborative work areas and bright colors, according to company officials.
As part of the investment, Kronos has received a Tax Increment Financing plan (TIF) from the town of Chelmsford worth $200,000, which was approved by the state in late December.
Combined with other improvements building owners Boston Properties is making at the site, the moves mean that the company's campus in Chelmsford will be home to Kronos and its 1,048 employees for the foreseeable future.
Bay State Born
Kronos Inc., which was started in the late 1970s in Massachusetts, provides a range of workforce management products to businesses, including attendance and schedule tracking, payroll services, staffing and labor analytics.
The company leases 300 Billerica Rd., an 110,000-square-foot building, from Boston-based real estate holding firm Boston Properties. Boston Properties has more than 50 buildings making up more than 12 million square feet in the Boston and suburban Boston area.
Kronos also owns 297 Billerica Rd. in Chelmsford and leases space in the nearby 2 and 4 Omni Way buildings in Chelmsford, which are owned by NPV Direct Invest of Boston and managed by Newmark Knight Frank, a commercial real estate services firm.
It was not a sure thing that Kronos would stay in Chelmsford, according to Vince Devlin, vice president of procurement at Kronos.
"We considered other locations as part of our process but ultimately were very happy to stay in Chelmsford, where we have been headquartered for more than a decade (since 2000)," he wrote in an email. "Efforts by the state and local governments to keep us here, including tax abatements and the construction of a crosswalk and stoplight connecting our campus, were key in sealing the deal to stay."
As part of Kronos renewing its lease for the 300 Billerica Rd. building, Boston Properties officials also agreed to make upgrades to the building's entryway, lobby and bathrooms.
Kronos created an employee steering committee which provided input on features for the new engineering department workspace. Steering committee meetings began about a month ago and construction is set to be complete by this summer.
Correction: Because of incorrect information supplied to the Worcester Business Journal, an earlier version of this story incorrectly reported the owner of 2 and 4 Omni Way in Chelmsford.
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