EV Battery Supplier Signs 100K SF Lease To Move HQ To Devens Campus
Ascend Elements is relocating and expanding its headquarters to a booming manufacturing hub outside of Boston.
The manufacturer of electric vehicle battery supplies signed a lease for 101K SF at 39 Jackson Road at King Street Properties' Pathway Devens campus, it announced Wednesday. Ascend is relocating and expanding its headquarters from Westborough and plans to occupy the space in September 2024.
The deal brings the total leasing at the Devens campus to more than 550K SF in the three years since the project launched, King Street Managing Director Tyson Reynoso said in a news release.
“This addition further solidifies Devens as the top destination in Greater Boston for innovators engaged in advanced manufacturing," Reynoso said.
Colliers' John Carroll III, Kevin Brawley, Evan Gallagher, Curtis Cole, Tim Allen and Caitlin Mahoney represented Ascend Elements, and CBRE's Brian McKenzie and Alex Plaistead represented King Street in the deal.
In July, documents filed with the Devens Enterprise Commission revealed that Ascend was in negotiations with King Street to use the full building for manufacturing, storage, office, and research and development. The commission, which oversees the development of the area, approved the company's intended uses for the site.
The expansion came after the company experienced "over 500% headcount growth" in the last 18 months with 350 members globally, including 140 employees in Massachusetts, according to the press release. The manufacturer also closed on $524M in funding on Sept. 6, marking one of the largest clean tech equity private placements in the country. It was also awarded a $480M Department of Energy grant last October.
The Devens campus has become an advanced manufacturing hub, with green tech company Electric Hydrogen signing a 187K SF lease in May and Azzur Group inking a 103K SF lease for a good manufacturing practice facility in May 2022.