"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."

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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.

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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.

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Teague praises Campanelli's stewardship for allowing thelease-up to be completed less than a year after the marketingcommenced. Besides large floor plates of 40,000 sf and a solidlocation, Teague says Granite Woods benefits from "outstandingcorporate visibility" and structured parking. Campanelli evencreated a small park next to a reservoir abutting Granite WoodsCorporate Center.

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The first leasing victory occurred last March when Traveler'sIndemnity Insurance Co. committed to 40,000 sf in Building One,followed by an 11,000-sf pact by the Visiting Nurses Association.TWCU will also occupy Building One, taking space on the first andsecond floors to accommodate employees presently in Downtown Bostonand a nearby Braintree location. Now entering its 90th year inbusiness, TWCU has more than 27,000 members throughout New England.The firm is slated to move into Granite Woods this summer, andBrown says he believes the company will have enhanced signage andvisibility compared to its current home at 250 Granite S.

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The repositioning of Granite Woods Corporate Center is amongseveral ongoing endeavors involving the Campanelli Cos., one of theregion's oldest and most prolific commercial real estate companies.Other projects are being pursued in Norton and Woburn. The firm hasbuilt more than 17 million sf along the Eastern Seaboard and hascapabilities in land development, design/build and value-addedopportunities similar to 350 Granite St.

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Terms of the TWCU lease were not revealed. Jones Lang LaSalleputs the average asking rent for the South market at $20.51 per sfand estimates a vacancy rate of 16% for 12.5 million sf. The Southhad minus-60,000 sf of net absorption in 2007, JLL reports.

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