Construction Kicks off at $100M Malden Center Development
Boston Business Journal / Aug 6, 2019, 6:47am EDT
RENDERING COURTESY OF STANTEC
Dellbrook JKS has started construction at Exchange 200, a redevelopment of a former bank operations center a stone’s throw from the MBTA Orange Line Malden Center stop.
Dellbrook JKS has started construction at Exchange 200, a $100 million redevelopment of a former bank operations center located a stone’s throw from the Malden Center stop on the MBTA's Orange Line. The project will house 300,000 square feet of office, research and development, data center and retail space when it opens next year.
The project has also landed Caffe Nero as its first retail tenant, Exchange 200 developer Berkeley Investments said Monday.
Renovations include replacing a portion of the red-brick facade with floor-to-ceiling glass, modernizing the building’s infrastructure systems, creating a two-story lobby atrium with a skylight, Berkeley Investments said. Building amenities will include a fitness center with lockers and showers and bike storage.
“Our vision for Malden Center is happening right now, as new breweries, restaurants, entertainment and gaming destinations, and new residential options complete the revitalization of downtown,” Malden Mayor Gary Christensen said in a statement. “For major companies looking to attract a talented, dynamic workforce, Exchange 200 in Malden Center offers a bustling downtown with excellent transit access as a compelling alternative to Somerville and Cambridge.”
Real-estate brokerage Newmark Knight Frank is leasing the retail space, while real-estate brokerage JLL is leasing the office, R&D and data center space. Molly Heath, a managing director with JLL, said in a statement that the project will appeal to companies looking for access to MBTA transit lines but a lower rental rates than in the region’s urban core.
“We are especially excited to present it to the robotics, start-up, and nonprofit communities, who are facing increased financial pressure due to escalating rents in places like Boston, Cambridge and Somerville, but who want their employees to have the highest ‘quality of work-life balance’ possible,” Heath said in a statement.
Stantec designed Exchange 200, which Deutsche Bank and The Arden Group financed.