Spire was an owner-occupier of highly developable real estate in Boston’s Dorchester neighborhood and elected to sell its property and seek suburban relocation options. In a north shore vs. south shore widespread search, Peabody ultimately won out. “With a creative tenant improvement and lease structure package, Novaya was able to bring Spire to the north shore,” shared Klemmer. “The needs of a high-end printing operation really made 1 First Avenue a great fit since they can take advantage of a fully upgraded building already offering great clear height, power and heavy-duty construction.”
Shawn Hawthorne, Vice President of Asset Management for Novaya, noted “This deal reflects a true transition of traditional storage-based warehouse space to a state-of-the-art digital printing lab. We are excited to complete construction and welcome Spire in late Summer.”
Spire was represented by John Cremmen of Denenberg Realty Advisors. Nick Eddy, Project Manager for Novaya, will oversee the construction of the premises alongside Bowdoin Construction.
About Novaya Real Estate Ventures
Novaya Real Estate Ventures was founded in 2011 by Jim Alden, Peter Carbone, Jeff Theobald and Scott Tully- with a combined 100+ years of entrepreneurial and institutional real estate investment and operating experience. To date, Novaya has transacted on over 9 million square feet of industrial, flex, office, residential and urban retail product with gross asset value in excess of $1B in partnership with several of the premier institutional and family office investors worldwide.
About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIGI) is an industry-leading global real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serving clients in the world’s most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 13 consecutive years, more than any other real estate services firm. Colliers has also been ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn. To see the latest news on Colliers International in Boston, follow @Colliers_Boston.
For further information, please contact:
InkHouse for Colliers