NEWTON, Mass.--(BUSINESS WIRE)--The RMR Group Inc. (Nasdaq: RMR) welcomed Pressed Cafe as the first onsite restaurant amenity to 330 Billerica Road in Chelmsford, Massachusetts with the recent execution of a new 10-year lease for 5,675 square feet.
Chris Bilotto, Vice President, Asset Management of The RMR Group made the following statement:
“We are thrilled to welcome Pressed Cafe to 330 Billerica Road, offering a convenient and exciting dining amenity with high quality food options to the entire park and surrounding community. We extend our gratitude to the Town of Chelmsford, which has been instrumental with its proactive outreach to businesses and its implementation of a master plan to enhance the presence and connectivity of the business park.”
Expected to open in 2022, the location will be the eighth for Pressed Cafe, which offers customers local craft-roasted coffee & espresso, smoothies, cold-pressed juice and a wide variety of fresh sandwiches, paninis, made-from-scratch soups, salads and breakfast all day. In addition to offering indoor and outdoor patio seating, they will also feature convenient online ordering pickup, and a full menu drive-thru operation. More information on Pressed Cafe can be found at pressedcafe.com.
Pressed Cafe’s lease is for space on the first floor of 330 Billerica Road, a two-story 98,048 square foot building currently undergoing a lobby and façade renovation for completion in 2020. The property offers flexible floorplates, modern high ceilings, extensive window lines and is positioned to accommodate office, lab and R&D and retail related uses. Situated in Chelmsford’s “Cross Roads” district along Route 129, 330 Billerica Road provides convenient access to Route 3 and Interstate 495, connecting tenants and their employees to suburban Boston communities in Massachusetts and Southern New Hampshire.
The property is owned by Office Properties Income Trust (Nasdaq: OPI) and managed by The RMR Group, which is responsible for providing all aspects of management services and strategy for more than 1,300 properties with over 93 million square feet of commercial office, industrial, medical office, life science and retail space.
The landlord was represented by Peter Montesanto of SRS Real Estate Partners. The tenant was represented by David Maida of Allied Restaurant Group.
About The RMR Group Inc.
The RMR Group Inc. is a holding company and substantially all of its business is conducted by its majority owned operating subsidiary, The RMR Group LLC. The RMR Group LLC is an alternative asset management company that primarily provides management services to publicly traded REITs and real estate related operating companies. As of June 30, 2020, The RMR Group LLC had $32.0 billion of total assets under management, including more than 2,100 properties, and employed over 600 real estate professionals in more than 30 offices throughout the United States; the companies managed by The RMR Group LLC collectively had nearly 45,000 employees. The RMR Group Inc. is headquartered in Newton, Massachusetts.
About Office Properties Income Trust
Office Properties Income Trust is a real estate investment trust, or REIT, focused on owning, operating and leasing properties primarily leased to single tenants and those with high credit quality characteristics like government entities. OPI is managed by the operating subsidiary of The RMR Group Inc.
About Chelmsford Cross Roads at Route 129
The Town of Chelmsford is very pleased to provide a dedicated municipal support team for the Cross Roads at Route 129 corridor (ChelmsfordCrossRoads129.com). It is proud to offer continual partnership with companies such as Triton Systems. The Town promotes business attraction for pursuit of advanced technology companies and assertive growth in the Cross Roads of Route 3 and Route 495. The Chelmsford Business Development Office is located on Route 129 at 50 Billerica Road and administers municipal efforts in the Cross Roads area. Contact: Lisa Marrone, Director of Business Development, lmarrone@chelmsfordma.gov; (978) 244-3303.
WARNING REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based upon RMR’s present beliefs and expectations, but these statements and the implications of these statements are not guaranteed to occur and may not occur for various reasons, some of which are beyond RMR’s control. For example:
- This press release refers to the expectation that Pressed Cafe is expected to open in 2022 at 330 Billerica Road in Chelmsford, Massachusetts. However, the expected opening date could be affected by several factors including but not limited to construction delays and tenant company events, as well as other market factors, so there can be no assurance that the opening date is guaranteed.
- This press release states that the building is currently undergoing a lobby and façade renovation for completion in 2020. However, the completion of these renovations may be adversely impacted by construction delays, including but not limited to materials and labor availability as well as other market factors, so there can be no assurance that the renovations will be completed by the expected timeframe.
For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Except as required by law, RMR does not intend to update or change any forward-looking statements as a result of new information, future events, or otherwise.
