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Boston Properties, Wellington Management Agree on Net Zero Lease
Boston Properties, Inc., and Wellington Management have agreed to a long-term, 106,000-square-foot net zero lease at 140 Kendrick Street in Needham, MA.
The 440,000-square-foot complex consists of three interconnected office buildings. Wellington Management will lease the entirety of Building A, which totals 106,000 square feet.
The transaction includes a commitment from BXP to reposition the premises as net zero and carbon neutral, which according to the firm will be the first repositioning of its scale in MA. The initiative will include a deep energy retrofit, full electrification of gas-fired systems, HVAC modernization and onsite renewable energy generation.
“We are committed to working toward a more sustainable future and to reaching our goal of becoming carbon neutral in our business operations by the end of 2022,” said Ed Steinborn, CFO of Wellington Management. “We believe there are opportunities to develop pathways to net zero in all areas of our business, including real estate.”
- ◦Lease
