Southborough Site Fetches $25M
Boston commercial real estate executive William Zielinski has bought a 52-acre property at 325 Turnpike Rd. (Route 9) in Southborough from telecommunications giant Verizon, which has warehouse operations there, for $25 million.
It was reported by GlobeSt.com that Zielinski, a senior vice president at Boston's Meredith & Grew commercial real estate brokerage, planned to make the property home to about 600,000 square feet of Class A office space, but Zielinski said that wasn't the case. He said he has no plans beyond owning the property and leasing the warehouse there to Verizon "hopefully for a long time."
According to county land records, Zielinski, bought the 52-acre property through his Southborough Partners LLC. Land records also show that Verizon has signed a two-year lease to stay put.
"I have no idea where that came from," Zielinski said of reports that he planned to develop office space on the property. "I bought a warehouse."
Southborough Town Administrator Jean E. Kitchen said she was not aware of the transaction, nor any plans for new construction at the site.
But commercial real estate market experts say if the office real estate market continues the way it's been going in recent years, 325 Turnpike Road, which is just east of I-495, could become a very desirable piece of property.
According to Brendan Carroll, vice president of research at Boston commercial real estate broker Richards Barry Joyce & Partners, there is only one Class A office building under construction in the I-495 corridor, a 75,000-square-foot development in Westford.
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