Courtesy / Boulos Co.
IDEXX's offices at 1 Thomas Drive in Westbrook.
July 12, 2022
Westbrook's largest business renews 10-year lease at a city business park
By Jessica Hall
Even as the pandemic has transformed office life, IDEXX Laboratories Inc. (Nasdaq: IDXX) will stay at one of its Westbrook offices under a 10-year lease agreement.
IDEXX negotiated a renewal on its 55,000-square-foot offices at 1 Thomas Drive at the Colonel Westbrook Executive Park, according to Portland-based real estate firm the Boulos Co.
“The office market has been in flux since the start of the pandemic, which makes this a significant transaction, given the long-term lease and the 55,000-square-foot size,” said Gregory Boulos, partner and broker with the Boulos Co.
“It’s certainly a good sign to see a major tenant like IDEXX make a long-term commitment to Westbrook.”
Boulos said the talks to renegotiate the lease were quick, taking about a month.
Boulos represented the landlord, while Brooks Murphy of JLL and Jim Harnden of Harnden Commercial Brokers represented IDEXX.
IDEXX, a provider of veterinary diagnostics, veterinary practice software and water microbiology testing, bought a 25-acre lot last year at the Downs development in Scarborough for an undisclosed price.
IDEXX did not respond to requests for comment. The company previously said the Thomas Drive offices were to be used as a training center and call center.
The company's headquarters are at 1 IDEXX Drive in Westbrook.
In the wake of the pandemic, Boulos did a survey of office attitudes last year. The poll found that fewer than 10% of companies were willing to reduce office square footage or abandon office space. In the survey, 140 respondents from across the state and in various sized companies participated.
In response to the question about what the “return to the office” looks like, 59% of respondents indicated that they’ll be using a hybrid model incorporating remote work moving forward.
Only 36% of respondents answered “all or most employees will work in the office full time” and only 5% indicated that the majority of their employees would work remotely full time.
Boulos, founded in 1975, has more than 30 employees in Portland and Portsmouth, N.H.
IDEXX employs more than 10,000 people and offers products to customers in over 175 countries.
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