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Tue, Mar 31
A Compendium of Property & Capital News
Mar 31
A Compendium of Property & Capital News

Novaya Ventures Leases 62,000-SF to Spire Printing at First Ave Peabody Via Colliers

August 12, 2019
First Avenue, Peabody MA

BOSTON–Colliers International recently announced that its North Suburban team of Executive Vice President Greg Klemmer, Senior Vice President Tim Brodigan, and Associates Tim Allen and Dan Driscoll successfully represented Novaya Ventures, in a 62,000-square-foot lease at 1 First Avenue in Peabody. To accommodate this block of space for new tenant, Spire Printing, Colliers advised Novaya through negotiations that helped enable the departure of an existing tenant three years prior to its lease termination.

“With a creative tenant improvement and lease structure package, Novaya was able to bring Spire to the north shore,” shared Klemmer. “The needs of a high-end printing operation really made 1 First Avenue a great fit since they can take advantage of a fully upgraded building already offering great clear height, power and heavy-duty construction.”

Spire was an owner-occupier of highly developable real estate in Boston’s Dorchester neighborhood and elected to sell its property and seek suburban relocation options. In a north shore vs. south shore widespread search, Peabody ultimately won out.

Shawn Hawthorne, Vice President of Asset Management for Novaya, noted “This deal reflects a true transition of traditional storage-based warehouse space to a state-of-the-art digital printing lab. We are excited to complete construction and welcome Spire in late Summer.”

Spire was represented by John Cremmen of Denenberg Realty Advisors. Nick Eddy, Project Manager for Novaya, will oversee the construction of the premises alongside Bowdoin Construction.