Boston, February 7, 2017 – Colliers International announced today that its Boston Capital Markets Group has secured $40.4 million in permanent leasehold financing for 60 Tower Road, a 120,000-square-foot, LEED® Gold-certified, work loft creative office property located at the “1265 Main” project in Waltham, Massachusetts, that serves as the corporate U.S. headquarters of Clarks Americas, Inc., a subsidiary of C&J Clark International Ltd., the global shoemaker, designer, and retailer known for its iconic Desert® Boot.
Colliers worked exclusively on behalf of the borrower, a joint venture between 1265 Main Street LLC and a wholly-owned subsidiary of Boston Properties Limited Partnership (Boston Properties) (NYSE:BXP), to place the 15-year fixed-rate with Sun Life Assurance Company of Canada, a Canadian life insurance company. Colliers International will also service the loan.
Located at “1265 Main” project in Waltham, between Exits 26 & 27 of Route 128 (US Interstate 95), 60 Tower Road is a primary component of the redevelopment of the former Polaroid Corporation campus. The Clarks Project represents the Phase I office component of the broader 1265 Main master-planned development that features retail outlets such as Market Basket, Starbucks, Marshall’s, Jake n Joe’s, Not Your Average Joe’s, and Flank Steakhouse. The site has a prominent location that affords unparalleled branding visibility for Clarks and retailers.
This iconic office property recently underwent a transformational repositioning that maintained the existing exterior structure and dimensions of the prior building while upgrading the façade and completely rebuilding the interior and systems. Completed in October 2016, the state-of-the-art facility features a 50,000-square-foot parking garage on the first floor, 120,000 square feet of creative work loft office space on the second and third floors, and boasts a fully branded and centrally located glass jewel box entry connecting all floors of the facility. New features include a large roof deck, fitness center, a one-of-a-kind Clarks shoe library and a large roof mounted solar array.
The Colliers debt placement team representing the borrower was led by Senior Vice President Jeff Black and Co-Chairman Kevin Phelan.
"Placing the financing with Sun Life involved a highly competitive bidding process which demonstrated the market's response to the creative re-use of the building to create a unique, high performance workspace, as well as the highly desirable and visible location in the heart of Waltham's vibrant office community" Black said.