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Marriott still lone tenant at River's Edge office building
Alix Roy
The first office building at River's Edge is 28 percent leased more than a year after completion.
For employees of Marriott International working from the company's new offices at River's Edge, corporate life couldn't get much better.As the sole occupants of the 115,000-square foot glass office building, completed last year, the Marriott team has exclusive access to the building's brand new fitness center - complete with towel service - and bistro-style cafe with a flat screen tv and views of the Malden River. Parking is abundant and a free shuttle whisks commuters to the nearby Wellington Station T stop.
“On the one hand they're saying 'when are you going to get us some company?' but then they say, 'no, wait, we like it!'” said lead developer John Preotle of Preotle, Lane & Associates.
Of course, Preotle and his team would like to see the remaining three
floors of the building leased, and remain confident that the building's
green design and modern amenities will help make that happen.
“We think the building, in a lot of ways, speaks for itself,” said Matt Preotle. “They key is getting people out here.”
And people have been coming, Preotle said. One group, which is considering moving a division to the space, has visited six times. Another company, looking to lease one or two floors, has requested a proposal. In the past few months, as the economy began to climb, tours have picked up.
“The trend was that people were not moving or making decisions unless they absolutely had to,” Preotle said. “But now they're looking at long-term growth and where they want to be.”
John Preotle said his firm has no interest in selling the office building, although it sold the residential portion of the development to Criterion Development in 2008. The LEED Gold certified building, which occupies a former brownfield site, is something he takes pride in.
“Our plan is to be with this thing for a long time, 10 to 15 years,” he said. “There are some things where I wish I'd done that differently but there aren't many, that's pretty positive.”
From a leasing standpoint, the residential portion of the development, The Residences at River's Edge, have been a quick success since opening last September. According to John Englert, Principal of Criterion Development Partners, 120 of the building's 222 units are currently occupied, mainly by single young professionals or married couples without children.
“The traffic is really great,” he said, adding that the leasing office led four tours of the building every day last week. “As soon as spring started we started to see a tremendous amount of volume.”
Monthly rent ranges from $1,500 for a studio apartment with a fireplace to $3,100 for a two-bedroom fourth-floor unit with sweeping views of the river and 16-foot ceilings.
In order to compete with amenities at the nearby Station Landing complex, The Residences offer a fitness center, pool, private theater, and a test kitchen where tenants can host dinner parties or attend cooking classes. There is no Starbucks shop, but free Starbucks coffee is served on the ground floor.
“It's resort-style living,” said Englert. “That's what we're trying to brand. We've been outperforming our projected pace, which is great given the down economy. I think it's a testament to the quality of the product.”
“We think the building, in a lot of ways, speaks for itself,” said Matt Preotle. “They key is getting people out here.”
And people have been coming, Preotle said. One group, which is considering moving a division to the space, has visited six times. Another company, looking to lease one or two floors, has requested a proposal. In the past few months, as the economy began to climb, tours have picked up.
“The trend was that people were not moving or making decisions unless they absolutely had to,” Preotle said. “But now they're looking at long-term growth and where they want to be.”
John Preotle said his firm has no interest in selling the office building, although it sold the residential portion of the development to Criterion Development in 2008. The LEED Gold certified building, which occupies a former brownfield site, is something he takes pride in.
“Our plan is to be with this thing for a long time, 10 to 15 years,” he said. “There are some things where I wish I'd done that differently but there aren't many, that's pretty positive.”
From a leasing standpoint, the residential portion of the development, The Residences at River's Edge, have been a quick success since opening last September. According to John Englert, Principal of Criterion Development Partners, 120 of the building's 222 units are currently occupied, mainly by single young professionals or married couples without children.
“The traffic is really great,” he said, adding that the leasing office led four tours of the building every day last week. “As soon as spring started we started to see a tremendous amount of volume.”
Monthly rent ranges from $1,500 for a studio apartment with a fireplace to $3,100 for a two-bedroom fourth-floor unit with sweeping views of the river and 16-foot ceilings.
In order to compete with amenities at the nearby Station Landing complex, The Residences offer a fitness center, pool, private theater, and a test kitchen where tenants can host dinner parties or attend cooking classes. There is no Starbucks shop, but free Starbucks coffee is served on the ground floor.
“It's resort-style living,” said Englert. “That's what we're trying to brand. We've been outperforming our projected pace, which is great given the down economy. I think it's a testament to the quality of the product.”
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