Campanelli Plans Renovations at Newly Acquired Canton Office
*Originally Published by Catherine Carlock for Boston Business Journal, 10.26.18
Braintree-based real estate development firm Campanelli and Dallas-based TriGate Capital LLC have acquired 250 Royall St. in Canton with plans to launch a redevelopment of the three-story office.
Campanelli and TriGate acquired the property from Hines Global REIT, the real estate investment arm of Houston-based development giant Hines, for $20.15 million, according to a Norfolk County deed. Hines had previously acquired 250 Royall St. in 2011 for $57 million, according to another Norfolk County deed.
Eastdil Secured’s Sarah Lagosh, Jim Nugent and Colleen Carey brokered the transaction.
Campanelli plans to add “an extensive amenity package” to the 185,171-square-foot office, including a cafe, grab-and-go snack area, renovated fitness center with showers and locker rooms, a yoga and spin studio with virtual ride instruction, new meeting and conference space, designated game areas, free WiFi and an updated outdoor patio with a fire pit.
“We are thrilled to have purchased a property that fits perfectly into the company’s portfolio and will greatly benefit from our tenant focused, value-add strategy,” said Peter Brown, Campanelli’s director of leasing, in a statement. “Our goal here is to create a dynamic, best in class office environment that underwrites each tenant’s business goals such as retaining and recruiting the best employees. We want clients to arrive here and think, ‘Wow, this is really spectacular.’”
The acquisition comes on the heels of Campanelli landing the headquarters of Shields Health Solutions at 100 TECH, the repositioned former Reebok headquarters located at 100 Technology Dr. in Stoughton. That office is also home to Collegium Pharmaceuticals and is now 50 percent leased.
“With the addition of 250 Royall to our portfolio, we are in the unique position of being able to offer tenants two of the largest contiguous spaces in the 128 South market at two different price points, both featuring top-notch, Class A amenities at extremely competitive rates,” said Stephen Murphy, partner and principal of acquisitions at Campanelli, in a statement. “We are building a community, an environment created to enhance tenants’ work experience.”