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BRAINTREE, MA-One of the top turnaround stories in suburban Boston’s office market this year has completed another chapter, with Traveler’s Indemnity Insurance Co. committing to nearly 40,000 sf at the Granite Woods Corporate Center. Located just off Route 128, the two-building property at 350 Granite St. was purchased last August by the Campanelli Cos. and is being recast as a multi-tenanted office complex.

“We’re delighted,” Campanelli leasing director Peter Brown tells GlobeSt.com. “That’s a real coup for the property.” Previously located at Crown Colony Office Park in Quincy, Traveler’s had been one of the highest quality prospects circulating in the south suburban submarket this year. The firm reportedly considered a variety of options prior to inking the agreement, a deal that will have them taking the entire second floor of building one.

Among the state’s most active developers for both office and industrial real estate, Braintree-based Campanelli acquired 350 Granite St. last August for $18.6 million from owner/occupant Verizon Corp., then struck a leaseback agreement with the seller for 40,000 sf.

The complex was aggressively recast to attract quality conscious companies via extensive repairs to the buildings and surroundings. The parking lot was repaved as part of a multi-million dollar overhaul, landscaping was refurbished and the facade, lobby, common areas and building systems were also upgraded, explains FHO Partners broker Sean Teague. The buildings also have extensive technology in their infrastructure thanks to Verizon’s presence, including fiber optics and a heavy power load.

Campanelli “took what was really a class B building and turned it into class A space that competes with anything in the market,” says Teague. The FHO Partners principal represents Granite Woods along with FHO principal Thomas Kent and Associate Leeanne Rizzo. The trio received kudos from Brown for not only landing Traveler’s but a number of other nationally known tenants. “There’s been a real solid chemistry with the team,” Brown says. “We work extremely well together and they have given us 100% effort.”

Other companies taking space recently at Granite Woods include Henry Schein Inc. (7,000 sf); Oriental Motor USA Corp. (9,500 sf); and Top Source LLC (12,000 sf). Brokers for Henry Schein Inc. were Michael Zahornacky and Jean Brown, while Robert Conrad of the Conrad Group negotiated for Oriental Motor. Richard McKinnon of the Grossman Cos. was agent for Top Source.

Traveler’s broker Steve Rich says Granite Woods was selected due to a combination of the prime location, quality space and “a solid economic value,” plus the unique ability to put all employees on one floor thanks to the 41,000-sf floor plates. “And the commitment and professionalism of the Campanelli Cos. made our choice that much easier,” adds Rich, who represented Travelers with Equus Corp. colleague Ralph Gerbie. The Traveler’s lease puts occupancy at Granite Woods Office Park above 70%, and Teague reports “a lot of activity” for the remaining space.

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