Chelsea & The Simboli Properties—CONTINUED

The Commonwealth of Massachusetts has also greatly expanded their presence in the Chelsea community. The MITC, (Massachusetts Information Technology Center) was built. This is the headquarters for the Commonwealth’s Department of Revenue (“DOR”). The facility encompasses 403,000 square feet, and is just steps away from The Simboli Properties’ headquarters. The DOR operates 24 hours per day, seven days per week and employs more than 1,500 people.

In summary, Chelsea has a limited supply of modern office space, the majority of which is owned by The Simboli Properties. Chelsea is vastly different from the Route 128 market, where supply is abundant, location advantage is limited, and demand is very sensitive to the overall economy.  Chelsea, while not immune to the general economy, is generally well
insulated from extreme movements and experiences much smaller impacts to its commercial real estate market due to its strong indigenous demand.

Chelsea’s future is upbeat. In the last ten years there has been over $600 million spent in development projects in the city. In fact, with a tenant base of State and Federal Government, health care, energy, and airport related users, it may have a demand for space that is not only insulated from the economy, but may be more stable. The Simboli Properties continues to provide flexible solutions to meet the demands of local businesses, State and Federal agencies, airport support
services, and other indigenous industries such as the Produce Market.

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