The lease at 6 Riverside Drive represents continued expansion of Physical Sciences Inc. (PSI) and its Tactical Robotics Division, manufacturer of the InstantEye® line of Small Unmanned Aerial Vehicles. PSI has its corporate headquarters at 20 New England Business Center, also in Andover.
B. David Green, President & CEO of PSI said “We are seeing significant growth in the sales of our family of InstantEye® Micro Air Vehicles for both military and civil applications. The InstantEye® systems are already being used extensively by our military around the world saving lives and enabling successful outcomes. This success reflects the innovation, hard work and dedication of our employees. Small Business Innovative Research funding played an essential role in developing and demonstrating this technology.”
Demand for InstantEye® systems is growing rapidly and this expansion into a new production R&D facility on Riverside Drive will accommodate that growth here in Massachusetts. We considered many locations, but decided to also locate this new facility in Andover near our Headquarters. The InstantEye® production activity will be operational in its new location early this summer.” To learn more about InstantEye®
Executive Director Michael Dalton of Cushman & Wakefield represented Physical Sciences Inc., while Senior Vice President Rob Cronin and Vice President Ken Oppenheim of Lincoln Property Company represented the landlord, Q Investments.
“We are pleased to have represented ownership in this significant lease transaction bringing the building’s occupancy to 100 percent,” said Cronin. “This is an ideal site for Physical Sciences Inc. and we are pleased to accommodate their growth as they expand within Andover.”
“This is a great win for all involved and special thanks to the Town of Andover who worked hard to make sure PSI stayed in Andover,” said Dalton. “It’s a great story given that PSI is developing innovative tools for our warfighters.”
6 Riverside Drive is a 77,048 SF flex building located in Andover, MA just minutes from I-93 and 495.