First Marblehead Corp. Signs 136,000-SF Lease

Christopher A. Curley, vice president, John Hennessey, principal, and Don Hause, senior director of GVA Thompson Doyle Hennessey & Stevens, represented the property owner, Berkeley Investments Inc. First Marblehead was represented by David Campbell, principal of the Codman Co./TCN. First Marblehead provides outsourcing services for private lending organizations with a focus on student loans. This location will be one of three offices in the state and will be used for back-office/call-center space.

"The initial search for this facility began with over 80 options throughout Routes 128, 495 and the inner suburbs," notes Campbell. He cites its history as a former call-center facility, large floor plates, amenities including cafeteria and fitness center and the nearby Orange Line T stop as reasons why the firm chose this location. He adds that Berkeley had the ability to offer a favorable economic package to the company.

The four-story, 330,000-sf building is located within the Wellington Business Park. It is located on Route 16, just off of Route 93 and within walking distance of the Wellington Station stop on the MBTA Orange Line. Steve Brooks, vice president of asset management at Berkeley Investments, points out that First Marblehead is a strong credit tenant that adds "tremendous value" to the property. Among the building's other tenants are Cross Country Partners Healthcare, Transystems, Skyva International and MediaPoint.

This deal is the second of two transactions over the last nine months totaling more than 147,000 sf at the property. Berkeley Investments owns and manages over 2.7 million sf of office, retail and industrial properties in the state with an additional 1.3 million currently under development. Lease rates for this deal were not available, but the average asking rent for office space in Medford is about $24 per sf.