New tenant is part of transforming the 190,000 sf industrial building into a thriving business center
PEPPERELL, MASS. - In one of the biggest commercial leases in the Nashoba region this year, Masy BioServices, the largest employer in Pepperell, Mass., has increased its leased space at Pepperell Place to 60,000 square feet. The 35 year old company operates two other locations in town plus a facility in Pennsylvania. This lease brings Pepperell Place to over 90% occupancy and home to 15 businesses.
The announcement was made by Eric Shapiro, President & CEO of the Lexvest Group, LLC, a real estate investment company based in Shirley, Mass., and owner of the 190,000 square foot Pepperell Place. Charles “Chip” Detwiller, SIOR, Lexvest’s Director of Leasing and in-house Broker, worked with Masy to consummate the deal.
Masy CEO Steve Lane, who joined the company 18 months ago to drive growth, says, “We knew of Lexvest’s reputation as an excellent landlord, so when we needed expansion space and heard how responsive they are, we thought of them first. Masy requires space for temperature-controlled storage which will house a variety of materials related to pharmaceuticals, cell banks, tissues, compounds, vaccines and medical devices. In addition, Masy has a long history in and commitment to Pepperell. We like doing business and creating jobs here.” In the past year, Masy has hired 24 new employees and, with the new space, anticipates increasing headcount significantly.
Masy BioServices provides accredited calibration services, validation services, and cGMP biostorage solutions for the pharmaceutical, biotechnology, and medical device industries. They require a state-of-the-art facility designed specifically to store their critical materials in a safe and secure facility, monitoring and maintaining a wide range of temperatures and humidity specifications. The new space at Pepperell Place will be available to store material at ambient and 5˚C temperatures and will include designated space for pallet storage.
Eric Shapiro, Lexvest’s CEO/President, says his dream of transforming Pepperell Place into a true business center is taking shape. The building is home to 15 companies including 1A Auto, which this past year signed a lease for 17,000 square feet. Gov. Charlie Baker attended a recent ribbon-cutting. Shapiro says the 19th century industrial size building offers flexible space and configurations for almost any type of business: “We will do whatever it takes to accommodate unique needs for prospective tenants.”
Recently, Pepperell Place received its second round of support and vote of confidence from MassDevelopment with a new loan of $1.45 million, supplementing a previous $2.25 million loan. This financing was provided to Lexvest Chapel, LLC, an affiliate of Lexvest Group. The funds enable Lexvest to complete renovations to attract additional tenants. The previous loan made possible upgraded building systems, lobbies, core, windows and doors, and added a common conference room, break room and fitness room. Latest renovations will support 10 construction jobs. Eric Shapiro said, “We are again delighted with MassDevelopment’s vote of confidence that is helping to move this project forward.”
Shapiro thanked MassDevelopment VP of Commercial Lending Roy Angel who was “instrumental in providing the funding to continue redevelopment of Pepperell Place and bring jobs back.”
