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Berkeley Investments has begun converting a 300,000-square-foot former bank data center next to the Malden Center MBTA station into speculative office and R&D space. Image courtesy of Stantec
Berkeley Investments has begun a 300,000-square-foot speculative redevelopment in Malden Center, where it’s marketing space at the former bank data center to office and R&D tenants.
Deutsche Bank provided $61 million in financing for the project at 200 Exchange St.
Scheduled for completion in mid-2020, the project includes facade replacement, new floor-to-ceiling windows, base building infrastructure upgrades and a 2-story lobby atrium.
Caffe Nero will occupy 2,500 square feet of ground floor space, as the first confirmed retail tenant.
Boston-based Berkeley Investments bought the former bank data recovery center for $21.7 million in 2016. The 4-story building features nearly 2-acre floorplates, redundant power infrastructure, heavy floor loads and six loading docks. The space is being marketed as suitable for office, R&D, data center and life science uses.
JLL is the exclusive leasing broker for the office, R&D and data center space, while Newmark Knight Frank represents ownership in retail leasing. Project team members include architect Stantec and general contractor Dellbrook JKS.
Berkeley and other developers are marketing office, flex and lab space to a wide range of potential tenants looking for transit-oriented workspace on the MBTA Orange Line north corridor.
Federal Realty Investment Trust broke ground on a new 300,000-square-foot office building, including the future headquarters of athletic shoe manufacturer Puma, at Assembly Row in Somerville in January.
Cresset Group and Novaya Real Estate Ventures have approvals for 650,000 square feet of office and lab space at the neighboring Xmbly redevelopment at 5 Middlesex Ave.
And Hood Park owners Catamount Management are building a 150,000-square-foot addition to 100 Hood Park Drive in Charlestown, and received Boston Planning and Development Agency approval in March for a 350,300-square-foot office tower at 10 Stack St.
