This Week's Boston Deal Sheet: Rockland Trust Signs 140K SF Headquarters Lease
Rockland Trust plans to consolidate several offices into one corporate headquarters in the South Shore.
The financial institution signed a 140K SF lease that will combine space from five existing offices in Hanover, Plymouth, Norwood and Rockland into one headquarters at One Technology Place in Rockland, the company announced Thursday. The office is expected to house roughly 500 employees.
"This move is about strengthening the way we work together," Rockland Trust CEO Jeffrey Tengel said in a statement. "By bringing teams into one central location, we are creating new opportunities to collaborate, deepen colleague relationships, and ensure we continue to deliver the exceptional service our customers, colleagues and communities expect."
The 200K SF building is owned by A.W. Perry, which built the space for biotech company EMD Serono in 2001. The life sciences company announced it was vacating the space in 2024 for the Seaport.
The building sits on a 22-acre campus, and its amenities include a full-service cafeteria, a patio area, a fitness center and electric vehicle charging.
CBRE's Patrick Cavanagh represented Rockland Trust, and Perry CRE's Jon Gifford and Tyler Hilson represented the landlord.
SALES
Cambridge-based North Colony Asset Management acquired the 115K SF office building at 343 Congress St. for roughly $48M. The five-story building is anchored by e-commerce retailer Chewy as well as barbecue restaurant The Smoke Shop and pizzeria Pastoral. North Colony acquired the asset from BGO, which had acquired it for $40M in 2015.
LEASES
Digital marketing company Overdrive signed an 8K SF sublease at 60 State St. in downtown Boston. The company subleased space from Tsoi/Kobus & Associates and plans to move from Allston. The company was represented by Avison Young's Kirk Weller and Tom Aitken. Colliers represented Tsoi/Kobus & Associates.
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Three retailers signed nearly 6K SF in new leases at Urban Edge's Shoppers World in Natick. Atlantic Poke, Sweetgreen and Playa Bowls are expected to open before the end of the year. Atlantic Poke is leasing 1,890 SF, Playa Bowls is taking 1,925 SF, and Sweetgreen will occupy 2,020 SF.
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Global defense contractor Anduril signed a 162K SF, full-building lease at BXP's 1050 Winter St. in Waltham, The Boston Globe reported. The firm signed a 15-year lease with the office REIT, which had previously planned to convert the building into life sciences. The deal was part of the 1.1M SF in office leases BXP signed in the first quarter across the country, up 25% from the same quarter last year.
FINANCING
MassHousing awarded $10M in CommonWealth Builder financing to Valley Community Development for its 30-unit Amherst Community Homes project in Amherst. The multifamily project is planned to include 10 units restricted to homebuyers making up to 80% of the area median income and 20 units set aside for those making up to 100% AMI. Other financing for the project comes from Greenfield Cooperative Bank and the town of Amherst.
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The city of Boston awarded 52 projects more than $38M in Community Preservation Act funds, including seven affordable housing projects. The awards include $3M to 43 homeownership units in Allston-Brighton, $2.5M to 89 affordable units in Chinatown, and $2M for 33 affordable homeownership units in Dorchester.
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Northbridge Partners received $36.4M in financing for a 198K SF industrial building at 68-78 Elm St. in Hopkinton, according to public records. The senior loan was secured through Webster Bank. The property is 100% leased to life sciences company Revvity. JLL's Andrew Gray, Ryan Parker and Brooke Howard led the team that arranged the financing.
CONSTRUCTION AND DEVELOPMENT
Boston Public Library officials celebrated the groundbreaking of the $31M Fields Corner library branch in Dorchester. The new 14K SF, two-story building will be more energy efficient and have an expanded community space. The project will include a 100-seat community room, a 20-person classroom and two study rooms. The old library was built in 1969.
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Lafrance Hospitality proposed a 140-room hotel in New Bedford near the city's new Commuter Rail stop, Banker & Tradesman reported. The 90K SF hotel at 1 Pearl St. is planned to be dual-branded as a Hilton Garden Inn and a Homewood Inn and Suites.
