Newmark announced a new 10-year, 50,000-square-foot lease at 18 Crosby Drive in Bedford Business Park with Joule Unlimited Technologies, Inc., an innovator in renewable liquid fuels experiencing rapid growth.
The company is expanding and relocating its headquarters from Cambridge, and will occupy the entire two-story building, which is located within the 470,000-square-foot business park owned and operated by Boston Properties, one of the largest office REITs in the United States. Joule plans to build out research and development labs, engineering space and executive offices in the space.
Newmark Managing Principal John F. Hennessey, SIOR, and Senior Managing Director Ryan T. Weber represented Joule in the transaction. Boston Properties was represented in house by Vice President of Leasing Stacey Baker.
“Joule is the kind of tenant landlords dream about: innovative, reputable and growing. And because of its expansion, the company needed a space that could accommodate its research and laboratory needs along with its office requirements,” said Hennessey of Newmark.
“We are pleased to welcome Joule to Bedford Business Park,” stated Bryan Koop, senior vice president and regional manager for Boston Properties. “Their cutting-edge technology platform is a perfect addition to the innovative companies based at the park.”
Bedford Business Park is conveniently located off Route 128 and Route 3 in Bedford. The corporate park boasts a fitness center, cafeteria and is just minutes from Burlington Mall and. the many amenities nearby. Joule will join robot developer iRobot, Citrix Systems, Inc., Zink Imaging, and iWalk at the property.
About Boston Properties
Boston Properties is a fully integrated, self-administered and self-managed real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class A office space, one hotel, two residential properties and three retail properties. The Company is one of the largest owners and developers of Class A office properties in the United States, concentrated in five markets - Boston, Midtown Manhattan, Washington, DC, San Francisco and Princeton, NJ.
About Newmark
Newmark is one of the largest independent real estate service firms in the world. Headquartered in New York, Newmark and London-based partner Knight Frank operate from over 220 offices in established and emerging property markets on six continents. With a combined staff of 7,300 and revenues last year exceeding $861 million, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For further information, visit www.newmarkkf.com.