The Boston office of Lincoln Property Company today announced that it has negotiated a 20,081-square-foot office lease on behalf of TransCanada Corporation in Westborough, MA.
TransCanada Corporation (NYSE: TRP) operates as an energy infrastructure company in North America through three segments: Natural Gas Pipelines, Oil Pipelines, and Energy. The company has also been in the news of late because they are the entity behind the Keystone Pipeline. The company leased 20,081 square feet of office space on the third (3rd) floor at 110 Turnpike Road in Westborough Executive Park in an effort to consolidate their operation and expand their footprint. TransCanada had previously been spread throughout the first (1st) and second (2nd) floors of the building, which lead to an inefficient configuration and a disjointed operation. By relocating to the third (3rd) floor, TransCanada will accommodate their continued growth and the move will allow them to finally get all their Westborough employees to work within the same office premises.
“TransCanada was looking to consolidate their operation from two floors onto a single floor plate, while increasing their square footage by 20%. In addition, they were looking to take advantage of an improving, but still relatively soft Westborough office market,” stated Tim Latham, Senior Vice President of Lincoln Property Company. “Fortunately, their existing Landlord, KBS Realty Advisors, had a full floor of available space in their existing building which allowed them to meet their goals while still maintaining the same address.
Lincoln Property Company’s Tim Latham, Senior Vice President, represented the tenant, TransCanada Corporation, in the transaction.
About TransCanada Corporation:
Transcanada Corporation operates as an energy infrastructure company in North America. The company operates in three segments: Natural Gas Pipelines, Oil Pipelines, and Energy. The Natural Gas Pipelines segment owns and operates energy infrastructure, including natural gas pipelines and regulated gas storage facilities. Its natural gas pipeline systems consist of a network of approximately 57,000 kilometers (KMs) of wholly owned natural gas pipelines, and approximately 11,500 kms of partially owned natural gas pipelines; and regulated natural gas storage facilities with a total capacity of 250 billion cubic feet. The Oil Pipelines segment operates Keystone crude oil pipeline system, which includes 3,467 kilometers of Wood River/Patoka and Cushing Extension sections. The Energy segment engages in the acquisition, development, construction, ownership, and operation of electrical power generation plants; purchase and marketing of electricity; provision of electricity account services to energy and industrial customers; and development, construction, ownership, and operation of non-regulated natural gas storage in Alberta, Canada. It has interests in approximately 10,800 megawatts of power generation plants with hydro, natural gas, coal, wind, and nuclear sources; and owns and controls approximately 130 billion cubic feet of unregulated natural gas storage capacity. The company was founded in 1951 and is headquartered in Calgary, Canada.