"It's well ahead of expectations," Campanelli Cos. leasingdirector Peter Brown says of the repositioning campaign, termingthe approach "the right formula at the right time." Brown says thefirm is especially gratified given that the South Shore's officemarket was "fairly stagnant" in 2007, with negative net absorptionfor the year. "We were able to fight through that."

After paying $10.3 million for the property from Verizon Corp.,Campanelli struck a long-term leaseback for 40,000 sf with theseller, then set about adding the elements necessary to create afirst-class, multi-tenanted complex. The multimillion-dollaroverhaul yielded new lobbies and upgraded common areas, plus modernmechanicals and improved landscaping. One of the buildings wasconstructed in the early 1970s and the other in 1990. Both are"solid as a rock," says Brown, and the presence of Verizon meantfiber optic was already in place, as were substantial electricalcapabilities.

Campanelli retained Atlantic Retail and DTZ FHO Partners asbrokers, and Brown says that tandem proved "extremely valuable inachieving the full lease-up." Atlantic's Jim Bagley handled theretail, whereas DTZ FHO brokers Sean Teague, Tom Kent and LeeanneRizzo focused on the office space. "There was a great synergy inplace, and everybody really did their piece," Brown says, includingthe firm's acquisitions director, Steve Murphy, who Brown saysremained active from start to finish. In the TWCU transaction, thetenant was represented by Colliers Meredith & Grew's team ofTed Chryssicas, James Elcock, David Goodhue and JonathanMartin.