The Real Reporter
November 9, 2015
The two-part leasing story at 151 Campanelli Dr. might be considered a contemporary tale suggesting if at first you do succeed, try again, for that is how 48,000 sf is now being occupied here by a pair of state agencies introduced to the former Plymouth Savings Bank headquarters through NAI/Hunneman Commercial Co. and its crack suburban south team of Catherine Minnerly and Ovar Osvold. A Department of Developmental Services lease of 26,000 sf was followed by another 22,000 sf score on the Massachusetts Executive Office of Public Safety & Security’s 911 operations unit, a group which will move in next spring to the 58,500 sf building that is owned by a Gotham investor, Iconic Capital.
“It was a home run for everyone involved,” Osvold says in noting the separate agreements will result in hundreds drawn to the facility. “The town is thrilled.” NAI/Hunneman advised Iconic in both negotiations for a property the client bought from Eastern Savings Bank in Oct. 2013 at a consideration of $6.1 million after the lender took over PSB’s operations and real estate holdings and obligations. Eastern did master lease the building until 2019, but Osvold says he surmised 151 Campanelli Dr. would be viewed as surplus real estate and sought out Iconic Capital principal Jeremie Lederer with a view that the building would be well-suited for state requirements, RFPs for which are arranged through the Massachusetts Division of Capital Asset Management and Maintenance. The landlord then took a gambit on DCAM’s proposal for DDS and wound up the winning entry, a result that made him so enthused as to name Minnerly and Osvold exclusive agents for the remaining space.
Eastern retained a retail presence in 3,300 sf, expanding its prior commitment after the sale. For the new owners, lightning then hit twice coming out on top on the 911 unit RFP, bringing 151 Campanelli Dr. to full occupancy save for a 6,500-sf piece presently being shopped to the tenant community. Acceding the state leasing route can be a long, arduous—and often futile—pursuit, Osvold says he recognized 151 Campanelli Dr. for having key fundamentals typically required or at least favored in the lease terms enough to support that approach. “It has plenty of parking and is a thousand percent ADA accessible, plus the space is very efficient,” the broker explains as to why he felt the asset could be a winning contender. It is, he outlines, a single-story facility which has no common areas due to being custom-designed for PSB. “You are getting more bang for your buck as a tenant,” Osvold observes of the space. “It is all usable; there’s no loss (factor).” “The team at NAI/Hunneman did an unbelievable job in orchestrating this turnaround for our property,” Lederer says in a statement regarding the two leases which he proclaims “a great win for the town of Middleborough” and momentum which contributes to a recent explosion in economic activity. Lederer further calls the two spaces “a perfect fit for the Commonwealth’s needs,” each with their own private entrance and offering a flexible interior. “The location is fantastic and they will be able to house all of their employees in contiguous space,” adds Lederer, an industry veteran who also owns an office building in Norwood, that one acquired via a real estate auction.
The leasing agents of 151 Campanelli Dr.are hardly resting on their laurels, however, with 6,500 sf still up for grabs, and that final portion does have “tremendous activity” among suitors Minnerly and Osvold are assisting, the latter broker relays. “People love the access and the building,” Osvold reports of the building located on 7.2 acres that is close to various dining options and retail. On site, the parking ratio of 4.4 vehicles per thousand sf let that easily met state levels is equally popular among firms vying for the remaining piece, he relays, while physical highlights of 151 Campanelli Dr. include ceiling heights to 15 feet and ribbon windows. “It’s a beautiful building,” Osvold says.