Home > Press Releases > Cambridge Health Alliance Signs New 56,750 SF Lease At Commerce Place In Malden

Cambridge Health Alliance Signs New 56,750 SF Lease At Commerce Place In Malden

Richards Barry Joyce & Partners And Cresa Boston Broker Transaction

BOSTON – June 5, 2013 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, announced today that it represented Preotle, Lane & Associates Ltd. (PLA) in a new, 56,750 square foot lease with Cambridge Health Alliance at Commerce Place in Malden, Mass. The lease brings the building to more than 92 percent leased.

Cambridge Health Alliance (CHA) is an award-winning integrated healthcare system that serves Cambridge, Somerville, Malden and other Boston’s metro-north communities.  CHA, which will occupy the fourth and fifth floors of Commerce Place, is relocating from various locations, including Station Landing in Medford.

Commerce Place, located at 350 Main Street, consists of 152,000 square feet of office space.  The building features a new café and fitness center and is surrounded by retail, restaurants, and other amenities.  Additionally, Commerce Place offers easy access to commuters, with plentiful parking and the MBTA’s Orange Line within walking distance.

The building has been one of the Inner North Suburban markets more active locations in recent months.  PLA’s agreement with Cambridge Health Alliance follows close on the heels of two other important lease signings with East Boston Savings Bank (12,217 square feet) and CableJive (4,148 square feet).

Eric Smith, Senior Vice President

Eric Smith, Senior Vice President

“Commerce Place is a perfect place for Cambridge Health Alliance, given that it is situated right in the middle of their coverage area,” said Eric Smith, Senior Vice President, Richards Barry Joyce & Partners.  “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.”

“This lease provides CHA a wonderful, long-term opportunity to consolidate various operations under one roof in a cost-effective manner,” said Adam Subber, Principal, Cresa Boston.  “All parties involved exhibited creativity throughout the negotiation that ensured the lease come to fruition.”

Steven Purpura, managing partner, and senior vice presidents Eric Smith and Ron Friedman of RBJ&P represented PLA. RBJ&P is the exclusive leasing agent for Commerce Place.  Adam Subber, Dan Sullivan and Paul Delaney of Cresa Boston represented Cambridge Health Alliance.

About the Market – Inner Suburbs Office
According to research by RBJ&P, the Inner North Suburban submarket consists of 4,060,000 square feet of office space and was 15.4% vacant, as of the quarter ended March 31, 2013. (source: Richards Barry Joyce & Partners’ “officeSTATus – Spring 2013”)

About Preotle, Lane & Associates Ltd.
PLA, is an owner, developer and manager of real estate with a focus on quality properties that can be acquired, developed or redeveloped, and managed for long-term value creation. The firm currently owns and is developing properties in Greater Boston and Connecticut.

About Cresa
Cresa is an international corporate real estate advisory firm that exclusively represents tenants and specializes in the delivery of fully integrated real estate services, including: Transaction Management, Project Management, Strategic Planning, Workforce and Location Planning, Subleases and Dispositions, Portfolio / Lease Administration, Capital Markets, Sustainability, Industrial / Supply Chain, and Facilities Management. With almost 60 offices, Cresa is the largest tenant representation firm in North America. The firm is headquartered in Boston.  Adam Subber, Dan Sullivan, and Paul Delaney are part of Boston’s Cambridge market group, which also includes John Coakley.  www.cresa.com

About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners’ unique platform offers a full range of real estate advisory services including market analysis, capital markets solutions, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com. Follow us on Twitter at @RBJ_Partners.

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