Newmark is pleased to announce 23,869 square feet of leasing activity across Campanelli’s Massachusetts office portfolio. Newmark Executive Managing Director Mike Frisoli, Senior Managing Director Tyler McGrail, Executive Managing Director J.R. McDonald and Associate Margaret Fee represented the owner, Campanelli, in the leasing.
Over the past four months, four new leases and two renewals have been signed, including: Blume Global’s 9,000-square-foot new lease at 250 Royall in Canton, Massachusetts; Moriarty Troyer & Malloy’s 9,653-square-foot new lease at One Adams in Quincy, Massachusetts; Finbarr Mechanical’s new 1,065-square-foot lease at Two Adams Place in Braintree, Massachusetts; and Bartholomew & Company’s 1,792-square-foot new lease, Avi Finder/Ameriprise Financial’s 1,404-square-foot renewal and BEY Holdings’ 1,108-square-foot renewal, all at 161 Worcester Framingham, Massachusetts.
“We are very pleased with the leasing activity generated in the Campanelli portfolio over the past few months. As companies begin to determine the future of their workplaces, we have seen more and more organizations stress the importance of a physical office to maintain culture, collaboration and productivity,” said Frisoli. “The value and quality of Campanelli’s 128 South Market and Metrowest office assets have been clearly demonstrated in the face of the current economic uncertainties and will continue to lead in suburban market leasing.”
According to Newmark Research, the South – Route 128 office market, anchored by Quincy and Braintree, was one of only a handful in Greater Boston to record positive net absorption during the second quarter of 2020. As a result, vacancies declined across both Class A and Class B assets and are now just 20 basis points above the suburban average of 15.8 percent. Additionally, home to several Fortune 500 companies and corporate headquarters, Greater Boston’s Metrowest office market continues to gain prominence among the suburban life science markets, particularly among biopharma companies expanding their manufacturing presence outside of Cambridge.
“We believe that our suburban office strategy of providing a complete amenities package while maintaining competitive market rents has led to our recent leasing success during these challenging times,” states Dan DeMarco, Partner, Campanelli.
Established in 1947, Campanelli is a third generation, full-service commercial real estate development and acquisition company with extensive experience in the industrial, office, medical office, warehouse/distribution, retail, educational, cold storage, and multi-family markets. Campanelli began building homes during WWII and transitioned from residential to commercial real estate in the 1960’s. The team, known for their seamless ability to work with their clients and act as the “real estate division” of a company, has developed 14 business parks in Massachusetts, over 24 million square feet across the nation and provided international development consulting and site selection services. The company’s signature capabilities include land development, design and build, redevelopment and value-added acquisitions. It is Campanelli’s all-encompassing and quality services that have led to its successful track record as a highly regarded developer; from site selection, feasibility analysis, local, state and federal permitting, to architectural and engineering design, building construction and facilities and property management. For more information, visit our new website at campanelli.com.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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