65Grove_RenderingDeveloper Cresset Group has begun a gut renovation of 65 Grove St. in Watertown, the former GE Ionics property, with plans to convert it into a state-of-the-art commercial building.

Boston-based Cresset Group acquired 65 Grove St. in June for $5 million from GE Ionics.

Built in 1945 for office and manufacturing, the three-story building contains 118,000 square feet. Improvements will include a new façade and larger windows, exposed ceilings, a new roof and installation of up-to-date mechanical and electrical systems with LEED certification. The project, which is proceeding without a lead tenant in place, is expected to be completed by summer 2015.

CBRE/New England negotiated the sale from GE Ionics and will spearhead the leasing efforts.

"It’s an excellent value play for tenants seeking a more urban setting," said CBRE/NE’s Robert Fitzgerald. "The property offers great public transit and is located only a stone’s throw away from Cambridge or Boston, where rents are dramatically higher."

Industrial Conversion Begins In Watertown

by Banker & Tradesman time to read: 1 min