Campanelli Putting Shields Up at 100 TECH Via 36,600-sf Lease Brokered by Conrad, NewmarkOctober 04, 2018 — By Joe Clements
STOUGHTON—Following a bountiful spring when Campanelli’s inaugural tenant was secured at the former Reebok Shoe headquarters here, its sponsor is confirming another hefty piece of the revitalized 188,000-sf footprint has been leased, the latest deal for 36,615 sf with Shields Health Solutions. As Real Reporter unveiled in April, the leasing campaign at 100 TECH got a quick boost when Collegium Pharmaceuticals filled all of the third floor and half of the second level, a 50,700-sf agreement.
Along with Campanelli Leasing Director Peter Brown, Newmark represented the landlord in the SHS transaction while Conrad Group advised SHS, a homegrown company helping healthcare providers develop in-house specialty pharmacy programs. The rapidly growing firm will lease the apex of six stories at 100 Technology Center Dr. after a custom-designed fitout by Campanelli Construction as part of the landlord’s vertically integrated platform.
Conrad Group principals Robert Conrad and James McEvoy negotiated for the tenant. In a prepared statement, SHS founding principal and CEO Jack Shields relays that “We are excited to have the opportunity to grow as a team and as a company at 100 TECH,” his contingent presently in Quincy at 1200 Hancock St. Adds Shields: “Campanelli has a great reputation for offering first-class office space, so we know we are in good hands.”
“Our goal was to create a best-in-class space, offering businesses a high-quality infrastructure and a complex of exceptional amenities that can’t be found elsewhere in this market,” Campanelli partner Steve Murphy says in discussing the latest embrace of 100 TECH by a major tenant. Campanelli’s concept has been eagerly welcomed by prospects, agrees Newmark Executive Managing Director Michael Frisoli, who shares exclusive leasing duties with colleague Tyler McGrail.
“Campanelli has delivered an incredible quality amenity package, in what happens to be one of the only large quality spaces available right now on the South Shore,” says Frisoli. The market veteran further relays that the signings give 100 TECH the largest office commitments in the southern office sector this year, calling that distinction “a home run for all involved.” Or two, as it were.
Frisoli and McGrail have seen Campanelli’s results before in similar agent roles at Heritage Landing, a three-building North Quincy office assemblage eclipsing 515,000 sf that Campanelli and old friend TriGate Capital purchased earlier this decade before rebranding, restoring and refilling the assets prior to harvesting them to separate buyers. The assets that were purchased in two separate transactions for a total consideration of $24.8 million ultimately yielded $92 million total from investors brought to the deals by Newmark Capital Markets.
Campanelli meanwhile shifted its revivalist mission to Stoughton, paying $9.0 million for the asset in December 2016 and then getting its formulaic strategy in motion immediately. Millions of dollars were pumped into an overhaul of the common areas and infrastructure. Improvements feature a strikingly designed main entrance, new lobby finishes and a “cafe concept” by FOODA. A spin studio with virtual ride instruction is among the highlights of 100 TECH’s expansive new fitness center that includes locker rooms and showers.
Other draws are a barista bar manned by local coffee purveyor Three Fins, an offering that is “in full swing.” A large conference room was installed that tenants can use for larger meetings, designated parts of the cafe allow for foosball and ping pong tilts, and Campanelli has incorporated exterior elements such as patio seating, a fire pit and multi-sport court. Complimentary Wi-FI is available outside.
Even with the two large leases in tow, 100 TECH can still serve a six-figure requirement, Murphy explains in praising the building’s quality as a multi-tenanted structure providing flexibility to subdivide from 2,500 sf up to 102,000 sf. Collegium moved into its space this summer. “The building has become a beehive of activity,” Frisoli says in predicting the occupancy will stoke further interest.
Located at the juncture of Routes 24 and 139, accessibility to the park from Interstates 93 and 95 was another strong suit Campanelli cited in opting to take on the heretofore fallow facility. Public transit is available thanks to the building being midway between two commuter rail stations. Financial details and other aspects of the SHS lease were not providedPeter Brown Steve Murphy Jack Shields James McEvoy Tyler McGrail Michael Frisoli