Berwind Property Acquires CenTech, Plans to Invest in Renovations

PEABODY, MA-Berwind Property Group acquired Ten Centennial Drive here for $19,200,000. The building, which was called the Avnet Building, has been renamed Centennial Technology center, a.k.a. CenTech .

Avnet, which was the seller of the 320,000-sf building, signed a ten-year lease on 102,400 sf of its office space. The remaining 200,000 sf is available for lease. Kevin Malloy of Peter Elliot LLC has been named the leasing broker while Spaulding & Slye Colliers will be the property manager.

“CenTech is a unique property in the Boston area market, given its ideal location at the Forest Avenue interchange of Route 128 and just a mile from both Routes 1 and 95,” John L. Brogan, a vice president at Berwind said, in a released statement. “It sits on a beautifully landscaped 25-acre parcel of land, and we’re investing more than three million in capital improvements to make it even more desirable.” Berwind plans to construct a new lobby for the office and research and development building as well as adding 300 more parking spaces and new windows.

This property brings Berwind’s property holdings in the Boston area to 1.2 million sf. Others properties in this area include 10 Macguire Road in Lexington, 181 and 187 Ballardvale St in Wilmington, 38 Forge Park in Franklin and 100 Cambridge Park Drive.