Boston – In one of the largest office leases in suburban Boston this year, Cassidy Turley FHO today announced a 110,000-square-foot, full-building lease for Kronos Incorporated, the global leader in workforce management solutions, at 300 Billerica Road in Chelmsford, Mass. Kronos and Boston Properties will jointly invest $7 million in facility improvements at the building, which will house engineering technology and global support teams. When construction is complete, approximately 650 Kronos employees will work in the new space. Kronos is the largest private employer in Chelmsford, with more than 1,000 employees on Billerica Road and Omni Way.
“Kronos is committed to doing business in Massachusetts, and we are grateful for the partnership of the Boston Properties team, the Patrick Administration, and the Town of Chelmsford,” said Kronos Chief Executive Officer Aron Ain. “This facility will be a cutting-edge workspace that reflects the values and culture that have propelled our success and made us the global leader in workforce management. We look forward to working with Boston Properties to build-out our Chelmsford facility.”
“We are thrilled to work with Kronos on the development of its facility,” stated Bryan Koop, Senior Vice President and Regional Manager for Boston Properties. “Kronos is a great example of a company that is strategically using its workplace to drive innovation and success.”
In addition to construction support from the landlord, Kronos will benefit from a $475,000 grant from the Patrick Administration’s MassWorks Infrastructure Program to install a traffic light and pedestrian walkway at the intersection of Billerica Road and Elliot Street. The walkway will link the building to Kronos’ corporate headquarters at 297 Billerica Road. The Town of Chelmsford also approved a Tax Increment Financing (TIF) agreement for Kronos, enabling the company to save approximately $30,000 annually during a six-year period as it invests approximately $6 million in the revitalization of 300 Billerica Road.
“The Patrick-Murray Administration understands government and businesses need to work together to continue our economic recovery, and the MassWorks program is a great example of that partnership fostering tangible results,” said Greg Bialecki, Secretary of Housing and Economic Development. “We are happy to see Kronos invest in Chelmsford and continue to make Massachusetts its home.”
300 Billerica Road is a two-story office/R&D building located in close proximity to Routes 3 and 129 in Chelmsford. Stacey Baker and David Provost of Boston Properties represented the building owner in the transaction. John Boyle and Michael Dalton, both Senior Managing Directors at Cassidy Turley FHO, represented Kronos in the deal.
“Kronos and Boston Properties have come together to deliver a new workspace that is uniquely tailored to Kronos’ product development team,” said Susan Packard, Principal of Packard Designs and lead architect on the project. “Much of the new space design has been driven by employee input. The environment will have extensive open and enclosed collaboration areas, supplemented with leading-edge technology, and an abundance of natural light. Built elements have been kept inboard and away from windows. Each person will receive new ergonomic furniture and will have access to a Fitness Center and exterior patio. It will be a terrific space for the group.”
Kronos Incorporated is the global leader in workforce management solutions that enable organizations to control labor costs, minimize compliance risk, and improve workforce productivity. Tens of thousands of organizations in more than 100 countries — including more than half of the Fortune 1000® — use Kronos time and attendance, scheduling, absence management, HR and payroll, hiring, and labor analytics applications. To learn how Kronos uniquely delivers complete automation and high-quality information in an easy-to-use solution, visit www.kronos.com.
Boston Properties is a fully integrated, self-administered and self-managed real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class A office space, one hotel, two residential properties and three retail properties. The Company is one of the largest owners and developers of Class A office properties in the United States, concentrated in five markets - Boston, New York, Princeton, San Francisco, and Washington, DC.
Cassidy Turley is a leading commercial real estate services provider with more than 3,600 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
Linda M. McDonough