Waste Management Signs New 42,000 SF Lease in Foxboro

Waste Management of North America, the leading provider of comprehensive waste management services in North America, has signed a new 42,000 square foot lease at 1 Patriot Place in Foxboro. Waste Management will occupy the second and third floors of the 75,000 square foot, Class A building beginning in January of 2010.

The CBRE team of Steve Clancy, Executive Vice President/Partner, and Bob McGuire , Senior Vice President/Partner, negotiated the long-term lease on behalf of Waste Management. The building is owned by NPP Development LLC.

1 Patriot Place is located within the expansive Patriot Place retail and entertainment complex. Built in 2008, the three-story building features approximately 21,000 square feet of first-floor retail space, on-site building management and ample surrounding amenities such as the adjacent Gillette Stadium. In addition to the offices of Waste Management, the building is home to Hodge Telecommunication Services, Davios and Solstice Sunglass Boutique.

" 1 Patriot Place is well located with immediate access to Route 1 and an abundance of area amenities. We believe the building will suit the needs of Waste Management very well," said CBRE's Bob McGuire .

According to research by CB Richard Ellis, the Route 495 South Office Market comprises approximately 2.1 million square feet. At the close of the third quarter 2009, the market posted a 36.7% availability rate, a 34.8% vacancy rate and a 5.4% sublease rate.