Joint Venture to Rebrand New England Executive Park in Burlington
BURLINGTON, MASS. — A joint venture between National Development, AEW Capital Management and Charles Rivers Realty Investors is rebranding New England Executive Park in Burlington, which the partnership acquired in June 2013, as The District Burlington. The rebranding is part of a multi-phase redevelopment to revamp the 13-builting complex into a walkable, urban-style destination. The planned redevelopment will include a 170-room hotel, restaurant and retail space and a 350-car parking garage, as well as upgrades and renovations for select buildings to create state-of-the-art workspace.
Scheduled to begin this summer, the upgrades include the construction of a new parking structure, renovation of Building 7, which will consist of a 54,000-square-foot addition to create 80,000 square feet of modern workspace, a green roof deck and glass exterior that will form the new terminus to the main street. Additional enhancements will include walking trails and utility, paving, lighting, signage and landscape improvements throughout the buildings and along the frontage. The complex features a build-to-suit opportunity of up to 180,000 square feet.
AEW owns the property on behalf of the AEW Core Property Trust (U.S.), an open-end core real estate fund. Jones Lang LaSalle is the leasing agent for the property. The project team includes Cranshaw Construction, Elkus Manfredi Architects, Maugel Architects and CRJA Landscape Architects.