Concessions Retain Way Systems

WOBURN, MA-Way Systems is keeping its digs at 200 Unicorn Park Dr., renewing 15,000 square feet here. The company is deciding to stay put in this troublesome market, reducing its footprint–from roughly 19,000 square feet–and taking advantage of the tenant’s market by gaining a few concessions.

“There were several properties in the immediate area that would have qualified as suitable space; however Unicorn Park offered the best features and economics,” says Roger Williams, senior associate with UGL Equis. “Additionally, by entering into a renewal agreement, Way Systems was able to also avoid the costs associated with relocating.”

The landlord offered a “market aggressive transaction,” UGL Equis VP James Halepis tells GlobeSt.com. The landlord felt Way Systems had a “great tenant with motivation to retain them” and offered the company more competitive concessions to keep the long-standing tenants.

According to Halepis, Way Systems is staying on for a five-year lease with a price per square foot starting in the high-teens. In addition, he says, the company was given some free rent.

The park is comprised of six-buildings and a Marriott Courtyard hotel. The class A, 200 Unicorn Park tops off at 4-stories with 130,577 square feet of office.