Corporate

Kronos Executes Office Lease at CrossPoint

$40 million Build-Out to Begin

DSC_4405[1][1][10]Lowell, MA – Anchor Line Partners, LLC and Farallon Capital Management LLC announced that Kronos Incorporated has executed a 12-year, 435,000-plus sf office lease at CrossPoint in Lowell. Kronos is one of the largest technology employers in Massachusetts and a global leader in providing workforce management solutions in the cloud with more than 25,000 customers around the world.

In one of the largest office lease relocation transactions in Greater Boston in the past 10 years, Kronos will relocate its corporate headquarters to CrossPoint and unite “Kronites” under one roof, occupying more than 435,000sf across the entire first tower — and additional floors in the second tower. Kronos and CrossPoint’s ownership team plan to invest more than $40 million toward the design and build-out of a completely modernized facility.

The architect for the project is Packard Design, and J. Calnan & Associates, Inc. is the general contractor.

Cushman & Wakefield’s John Boyle, Joe Fallon, Michael Dalton, and Debbie Howerton led a team of professionals that represented Kronos in this transaction. Andrew Maher, managing director of Anchor Line Partners, along with CBRE/New England’s Mark Reardon represented ownership interest in the transaction.

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“This is such an exciting time to be a Kronite. This landmark move to CrossPoint is a symbol of our impressive growth, commitment to Massachusetts’ innovation economy and dedication to being a great place to work,” said Vince Devlin, chief procurement officer. “With nearly four decades of deep roots in The Bay State, we’re humbled to remain one of

Massachusetts’ largest employers and leverage this region’s remarkable tech talent as we march into our fifth decade as an organization. Our new CrossPoint headquarters will be a facility befitting of Kronos and our award-winning workplace culture.”

“We are excited about this partnership with Kronos, and to work with such an incredible company that invests in engaging and inspiring its people,” said Rocky Fried, managing member at Farallon Capital Management. “As we embark on this journey with Kronos, we will provide the company with best-in- class amenities, collaborative work spaces and the tools they need to continue to grow.”

“This landmark headquarters transaction represents a new era for Kronos, the City of Lowell and for the State of Massachusetts. For years, CrossPoint was the home of another Massachusetts tech firm. This new deal welcomes a new day and a changing of the guard, celebrating Kronos as not only one of the great tech companies in our State, but also in the world today. It was our honor to represent Kronos in these important discussions.” – John Boyle, Cushman & Wakefield.

CrossPoint is an office park comprised of three towers, located at the intersection of Interstate 495 and Route 3 in Lowell.  CrossPoint offers a 24-hour fitness center and game room, on-site daycare facility, full-service café and bistro, conference center complete with a 500-person auditorium, and a brand new Tavern in the Square restaurant, bar and patio scheduled to open this June.