Monday, August 18, 2008

Former Leominster Red Cross building coming down, new office space going up

You've probably noticed as you drive down Merriam Ave in Leominster towards the downtown, the old Red Cross building has been vacant for a number of months. A local developer, Marc Albert, has plans to demolish the existing sturcture and build an approximately 10,000 SF office building in its place.

The Red Cross vacated the building that housed their offices since the 40's after deferred maintenance projects began to pile up and it became too costly for them to occupy the building. They have since moved to 29 Main St which is the "Fidelity Bank" building downtown Leominster.

You can see from the picture to the right that the wooded area to the right of the house has been cleared in anticipation of the construction. The new building will actually be built next to the existing building where the trees were cleared and the existing building will be torn down and that portion of the lot will become the parking area.

Marc has received his approval from the Zoning Board of Appeals for the new building and is now before the Planning Board for site plan approval. I'm sure Marc will do a great job with this project as he has done with any other project he puts his name on.

The new building will most likely be home to attorneys, accountants, and other professional businesses looking to set up shop in Leominster. Small suites will be available from 2,000 to 2,500 SF but I'm sure if a business wanted to occupy an entire floor or even the entire building, they could be accomodated. Lease rates will be in the upper teens per square foot which is at the upper end of the leasing market for Leominster office space but it will be brand new space and for an attorney, the location can't be much better considering the proximity to the Leominster court house. Alternatively, Marc may be offering a couple of the units for sale as office condominiums, as he did with his last development at 30 Williams St, Leominster.

I'll keep you updated as the project progresses and I'll try and get some more photos from my handy camera phone. If you have any questions about this project or if you are intereted in office space in Leominster or the surrounding areas, please shoot me an email. I'd be glad to speak with you about my Buyer/Tenant Representation services.