A South Shore developer is hoping to find tenants for a build-to-suit project in Hingham that could be as large as 175,000 square feet.
RJSRealty Trust is marketing its Hingham Tech Park 3, adjacent to Route 3 at Derby Street, to potential suitors from the financial services, medical and other industries.
The site currently houses the South Shore Educational Collaborative in one 61,000 square-foot building on nine acres. However, that lease expires in 2013.
"We’re not going to do any spec development, as no one’s doing that in today’s market," said Richard McKinnon, director of brokerage services for the Quincy-based Grossman Cos., the project’s broker. "It’s pending finding the right tenants, for possibly a corporate headquarters or other use. Right now it’s pretty much an open book for potential users."
The owner hopes one user will take the entirety of the would-be office park. A tenant could lease the existing building and have the rest of the property built to-suit, or build a 90,000-square-foot and 80,000-square-foot buildings in phases.
Boston-based A.W. Perry built an 80,000-square-foot outpatient building near the entrance to the park for South Shore Orthopedics that opened earlier this year, so those types of users could be targeted.
However, one South Shore broker said he was unaware of such large users actively looking for big chunks of space in the market. Richard Beal, president of Perry Brokerage Assoc., said that while it would make sense to target medical and biotech companies, he had not heard of any tenants with 100,000-square-foot requirements looking in the South Shore area for space or a new home.
"Unless they are looking to a specialized segment of the market [like a medical user], vacancy figures in that area really haven’t changed in the last five years and are at about 20 percent," Beal said. "And rents aren’t changing much either. There doesn’t seem to be much demand for general office space. It’s not exactly flying off the shelves down there."





