Built in 1902, formerly known as the "Pacific Mills - Warehouse#7", the Lorenzo Building underwent major renovations since its acquisition by the "Lorenzo Building LLC" in 1985. Today, the 7-story Lorenzo Building consists of 80,000 SF +/- of office space and is home for approximately 30 businesses.
Lawrence offers a prime setting for development and growth. As part of the city's Gateway Revitalization Project, Lawrence completed a new entrance and exit off I-495, adding direct access to business district.
As part of the Renewal Community Area it benefits from the Gateway Project which utilizes private and public investments to revitalize the downtown residential, commercial and industrial centers. With 12M square feet of cost-effective space along the Merrimack River and the Canal District, it offers space for artists, shops, businesses with easy access to transportation and parking.
The Lorenzo Building offers easy access from I-495/Exit-45 (Marston Street) or I-93/Exit-47 onto 213 (Loop Connector) to Rte28 (South Broadway)
Located in downtown, the Lorenzo building is in walking distance from restaurants, retail, regional colleges and public/official entities.
For more details contact the Community Development Department at 978.794.5891 or visit their website at cityoflawrence.com.
Property Specifications:
Lot size:
1.16 acres
Building size:
82,495 SF, 7-story
Zoning:
RC (Renewal Community Zone)
Parking lot:
100 spaces and fenced in
Property-id:
Map-0144/Lot-025
Taxes (2010):
$34,948.50
Tax rate (2010):
$20.54 per 1000
Renovations:
Lorenzo Building LLC acquired the property in 1985 and intensive renovations were completed in 1987 and included the following:
Central staircase | a new 4,000 lb freight elevator | a new 2,500 lb passenger elevator | 2 FHW gas fired boilers per floor (2 zones per wing) | new thermo ventilating windows | a 3,500 Amps/3-phase electrical service | a new sprinkler system | a new fire alarm system (cabled to the fire station) | new restrooms per wing | a loading dock with power lift | new roof | A/C window units | a fenced parking yard (100 spaces).
Basic services:
Municipal water and sewer, two water lines - one for domestic use and another for sprinkler system, natural gas heat, on-site parking
Rental Income:
The Lorenzo Building is currently for 64% occupied. The rents are full gross (for single/multiple unit tenants) or modified gross + utilities (for tenants occupying an entire wing or floor). For more details on the rent roll information, please see the Business & Financial downloads.
Location:
The Lorenzo Building is located at 599 Canal Street in the Downtown Redevelopment District which includes the Renewal Community Zone (RC) and the HUB zone and offers various Tax Incentive Programs for qualified business/owners/developers i.e. which can include benefits up to $12M.
Renewal Community Tax incentives | Workforce training | Increased Section 179 Deduction | Commercial Revitalization Deduction (CRD) | Employment Credit/Renewal | Brownfield's clean-up Revolving Loan Fund | 0% capital gains | Bond financing
Typical floor layout:
Each floor consists of 2 wings: an East wing of 5,200 SF. and a West wing of 4,800 SF. Each wing is individually metered and has its own utilities and common restrooms. View typical floorplans in the Downloads section.
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Business & Financial Information:
In order to access the following financial data, you must complete the Confidentiality Agreement and return to Grubb & Ellis|Northern New England. Upon receipt of the Confidentiality Agreement form, you will be given a user name and password which will enable you the view the following information. Please direct any questions to: Hugo Overdeput, CCIM | 603.623.0100 main | 603.626.1983 fax | hfo@grubbellisnne.com
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Eagle Tribune, September 16, 2008
State-Backed Plan Looks at Jump-Starting Canal District Development
Current Neighbors:
Merrimack Valley Federal Credit Union | Pentucket Medical Associates | New Balance | Polartec | Solectria Renewables - alternative energy | NxStage - medical device mfg | Southwick ClothingNational Fiber Technologies | Crown Cork and Seal, Co. | Jaybird & Mais; Sal's Lupoli - Riverwalk Mills | kSaria Mil/Aero Fiber | Hooke Laboratories
Recent Completed Projects:
Bell Tower Square Mill - 60 Island Street, off Canal Street | Washington Mills - building #1, residential units | Riverwalk Properties - 2 million square feet of commercial space |
Future Projects:
Cambridge School of Culinary Arts | Northern Essex Community College proposed new Allied Health & Technology Center | 110-room hotel at Pemberton Mill | UMass Lowell announced to build a 97,000 SF Emerging Technologies & Innovation | Center to house key research areas | South Canal International Business Center | Federal Citizenship & Immigration Services Center | Newark Paper Residential Housing - 291 riverfront units | Monarch on the Merrimack - 100 eco-luxury residences
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DISCLOSURE: The information contained herein is from sources deemed reliable, but is not guaranteed by Grubb & Ellis|Northern New England (G&E|NNE).
G&E|NNE assumes no responsibility for matters legal in character, nor does it render an opinion as to the title, which is assumed to be
good. All data is subject to change of price, error, omissions, other conditions or withdrawal without notice. G&E|NNE welcomes the cooperation of other
licensed real estate brokers who properly register a buyer or tenant with whom a sale or lease is consummated. G&E|NNE is acting as the Seller's/Lessor's
agent in the marketing of these properties. G&E|NNE is independently owned and operated.
Hugo F. Overdeput, CCIM
Grubb & Ellis|Northern New England | 175 Canal Street, Suite 401, Manchester, NH 03101603.623.0100 main | 603.626.1983 fax
hfo@grubbellisnne.com | grubbellisnne.com