WORCESTER, MA-Harleysville Worcester Insurance Co. has renewed its 47,089-sf lease for five years at 120 Front St. here. The company is a wholly owned subsidiary of Harleysville Group, which underwrites property and casualty insurance.

“We examined very closely both the Worcester and Route 495 West office markets with our broker, CB Richard Ellis,” says Dennis Otmaskin, CCO of Harleysville. “After a thorough investigation, we decided that staying at our current location was the best alternative for our clients, employees and company.”

Built in 1970, 120 Front St. is a 174,000 sf nine-story class A office building located in the Downtown area. It was purchased by Berkeley Investments Inc. in partnership with Starwood Capital and is part of a complex that includes approximately 450,000 sf of office space at 100-120 Front St. and more than 565,000 sf of retail space at the Worcester Common Fashion Outlets. The site sits on 22 acres and has a 4,000-car parking garage. Berkeley also serves as asset manager.

The office space is currently 75% leased to a variety of tenants including Bank of America and Fallon Clinic. Berkeley was represented by Brian Mazzocchi, asset manager at Berkeley, and Phil DeSimone of Spaulding & Slye Colliers. Harleysville was represented by Jon Sarkisian of CB Richard Ellis. Financial terms of the lease were not released.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.