Philips recommits to downtown Framingham location
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The Philips offices at 111 Lawrence St. in Framingham
The healthcare and consumer products giant Philips has moved much of its Boston-area operations to a massive new building in Cambridge near Kendall Square, but it has renewed a lease in downtown Framingham for its Lifeline medical alert product.
The lease at 111 Lawrence St. covers 80,000 square feet, one block from the Jack's Abby Craft Lagers brewery and less than a mile from Framingham's commuter rail station. Philips Lifeline makes products that automatically send for medical help, including some that share a person's exact location to responders.
Philips moved its North American headquarters to Cambridge Crossing in 2020.
[Related: Downtown Framingham Inc. set for leadership change]
Philips' lease was first reported in a quarterly regional property report by the real estate firm Hunneman, making it what Hunneman said was the third largest lease in Greater Boston by square footage in the first quarter.
The Framingham and Natick office market averaged 9.9% vacancy in the first quarter, compared to 12.8% across all of Greater Boston, according to Hunneman. That compares to a rate of 14.5% a year prior, as the coronavirus pandemic was starting to cripple office space demand. Per-square-foot rates now average just under $23 on average in Framingham and Natick compared to $27 a year ago.
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