Marlborough development firm pays $3.5M for Southborough offices
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118 and 120 Turnpike Road in Southborough
Ferris Development, a Marlborough real estate investment firm, has paid nearly $3.5 million for a pair of office buildings on Route 9 in Southborough.
Ferris bought 118 and 120 Turnpike Road, which make up a site rebranded in the past year as The Lookout @ Southborough, for its location across from the Sudbury Reservoir.
Ferris bought the site from Curo Enterprises, a New York property investment and management firm. The deal closed Aug. 24.
The site, which spans more than 20 acres, includes more than 155,000 square feet of office space between two three-story buildings constructed in the 1980s. It was last assessed by the Town of Southborough at more than $16 million.
David Ferris, the founder and CEO of Ferris Development, said the firm has already attracted a law group to move into about 20,000 square feet of the vacant building at 118 Turnpike Road and is working to find tenants for the rest of the space. The building is getting an overhaul worth about $1.5 million, including a new exterior, lobby, common areas, restrooms and coffee bar.
The firm's local portfolio also includes 1 Research Drive, and 4 and 8 Technology Drive in Westborough, 325 Donald Lynch Blvd. in Marlborough and 352 Turnpike Road in Southborough. The building at 1 Research Drive faced a large vacancy when the drugmaker Sanofi moved out, but has since leased back space to others, including Park Place Technologies, a data center equipment manager.
Ferris said he's already seeing a rising popularity of suburban Boston-area office space for life science companies that before the coronavirus pandemic were more likely to want to be in denser offices in Boston or Cambridge. "It's an exact reversal," he said of trends before and after the pandemic hit.
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