Procopio Cos. Moving Headquarters To Middleton, Doubling Footprint
The Procopio Cos., a 70-year-old development firm that has 1M SF of construction underway in New England, is expanding and relocating its headquarters.
The firm has signed a lease at 35 Village Road in Middleton to occupy 10K SF, more than double the size of its previous headquarters in Lynnfield.
The company previously occupied 4,500 SF in Lynnfield for just two years, but that space couldn't accommodate an expansion, a spokesperson said. Prior to that, it occupied 1,500 SF in Saugus.
The Middleton building, owned by Sovereign Partners, totals 249K SF on a 12.6-acre site and was constructed in 1989, Banker & Tradesman reported. Clark Real Estate's Bill Clark represented Procopio in the lease, while JLL represented the landlord.
Moving to a larger headquarters was necessary after the company grew its headcount by 31% last year, Procopio said in a release. It has $596M in projects under development that will total more than 1M SF of new real estate.
“Our new office is a testament to the expansion of the Procopio brand and the solidity of the multifamily market,” Procopio Cos. CEO Michael Procopio said in a statement. “We're looking forward to all the new team members we will welcome here, while continuing to celebrate those who have worked with us for generations. Our expansion trajectory is amazing — this is just the beginning.”
Procopio's pipeline includes two projects in Wilmington totaling nearly 100 units that it says will be that town's first new multifamily deliveries in more than a decade. It also has projects underway in Lynn and Portland, Maine.
Many of the firm's suburban projects have been difficult to get underway, Procopio said at a Bisnow event in February, as some towns don't have established processes for approving new multifamily development. He said the suburbs need to embrace more apartment development to help meet the rising demand.
"We’re obviously in the middle of a housing crisis driven by supply and demand, there simply is not enough supply," Procopio said at the event. "You saw people move out of the city in Covid thinking it was going to be temporary, and they embraced these semi-suburban, walkable communities."