MALDEN, MA-Cambridge Health Alliance, which operates three hospitals in the Boston metro area, is consolidating administrative staff at Commerce Place here. The lease brings the 152,000-square-foot property to more than 92% leased, says Richards Barry Joyce & Partners, which represented owner Preotle, Lane & Associates Ltd.
CHA operates Cambridge Hospital, Somerville Hospital, and the Whidden Hospital in Everett. The integrated healthcare system, which will occupy the fourth and fifth floors of Commerce Place at 350 Main St. in Malden, is relocating from various locations, including Station Landing in Medford, according to a release.
“Commerce Place is a perfect place for Cambridge Health Alliance, given that it is situated right in the middle of their coverage area,” Eric Smith, SVP at RBJ&P, says in a release. “The building's large floor plates provide CHA the space needed to relocate their employees from other locations, and the current shell condition of the floors offers the flexibility to strategically design their layout. Finally, CHA found the many recent and planned improvements to Malden Square quite impressive.”
Smith represented PLA along with RBJ&P colleagues Steven Purpura and SVP Ron Friedman. Adam Subber, Dan Sullivan and Paul Delaney of Cresa Boston represented CHA.
The property is located within the Inner North Suburban submarket, which contains just over four million square feet of office space and had a vacancy rate of 15.4% as of the end of the first quarter, according to RBJ&P. Within that submarket, Commerce Place has been among the more active locations; the property's RBJ&P leasing team recently represented ownership in lease signings with East Boston Savings Bank for 12,217 square feet and CableJive for 4,148 square feet.
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