Autodesk Seen Leasing 65,000-SF Spec Building

WALTHAM, MA-Another large space opportunity appears ready to be erased from Route 128 Central’s super-tight office market inventory, as Autodesk has reportedly agreed to lease all of the Trapelo Corporate Center. The three-story, 65,000-sf speculative building is being developed by the Bulfinch Cos. of Needham, which anticipates completion in the second quarter. The structure hopes to secure LEED certification for environmental sustainability.

A Silicon Valley-based software firm focused on the architectural, engineering and construction sectors, Autodesk has maintained a Waltham presence for several years at 610 Lincoln St., part of the Hobbs Brook Office Park. Sources could not say how much space the firm occupies, or what the rental terms are on financials and length at Trapelo Corporate Center. One observer says the group will sign on for at least 10 years and predicts the pact will be “easily” priced into the $40-per-sf range, near the top of the rental spectrum for suburban Boston. Route 128 Central leads the region with an average asking rate of $32.81 per sf, according to Cushman & Wakefield, but class A space in Waltham is fetching well above that rate.

No official acknowledgement of an agreement has been forthcoming. Calls to the Bulfinch Cos. and Autodesk leasing agent Roy Hirshland of T3 Advisors were not returned by press deadline, but industry sources insist the tenant has committed to the building at 1560 Trapelo Rd. Bulfinch secured the site two years ago, then quickly obtained the necessary permits in time to join a flurry of speculative development that hit Waltham as the regional recovery solidified mid-decade. Some, such as the 200,000-sf 77 CityPoint and Reservoir Woods project have already landed major tenants as they near completion, helping ease the impact of approximately one million sf of speculative product slated to be delivered in suburban Boston during the first half of 2008.

Waltham’s impressive performance in 2007 has carried over into the new year, offering hope for such projects just getting under way such as Overlook Center and 175 Wyman St., the latter a 335,000-sf class A development being pursued by the owners of Hobbs Brook Office Park. That landlord has also benefited from the recent velocity in leasing, with GlobeSt.com reporting earlier today that another prize tenant, Astra Tech, has committed to lease all of 590 Lincoln St., a Hobbs Brook building being converted to first class office space. That lease is for 10 years, sources claim, although an official confirmation or terms have yet to be provided.