Monster.com Expands Presence in Office Park

MAYNARD, MA-Monster.com leased an additional 48,000 sf here in the Clock Tower Office Park. The expansion brings the Web-based job search engine’s total office space in the 14-building, 1.1 million-sf office park up to 250,000 sf.

In order to facilitate the expansion, Robert Macnamara, president of Wellesley Management Corp., the Framingham-based company that manages the property, tells Globest.com that some tenants were moved around to “make it available for them.” Monster.com, which is owned by New York-based TMP Worldwide Inc., was about to take 42,000 sf being given up by N.E. Restaurant Co. Inc. when Breakaway Solutions Inc., told Wellesley that it needed to reduce its space from 60,000 sf to around 10,000 sf. Because Breakaway Solutions’ quarters were a better fit for Monster.com, which already had space in the same building on surrounding floors, it was put into that space. AP Engines Inc. was then put into some of the space vacated by New England Restaurant where it was able to consolidate its 20,000 sf into a single building.

According to Macnamara, the Clock Tower is 97% leased but there is additional sublease space available. The lease rate there has been a steady $12 to $18 per sf. “We didn’t get stupid and raise rents,” points out Macnamara. “And we are not losing tenants.”

The office park was originally a factory site. One of the park’s earliest tenants, Digital Equipment Corp., later bought the site and then sold it in 1997 to Wellesley Rosewood Ltd. Partnership, a joint partnership of Wellesley Cos. Inc. and Rosewood Construction of Southborough.