News: Front Section
Posted: October 7, 2016
Nahigian of Auburndale Realty Co. and Cleary of Colliers International finalizes 157,000 s/f for J.C. Cannistraro, LLC
25 Fid Kennedy - Boston, MA
25 Fid Kennedy - Boston, MA
Boston, MA Robert Cleary, SIOR, now at Colliers International and Rob Nahigian, FRICS, CRE, SIOR, MCR of Auburndale Realty Co., have completed a tenant advisory assignment on behalf of J.C. Cannistraro, LLC. This manufacturing relocation and long-term lease in the Seaport area is the first of its type in arguably over 50 years and is significant both because of its longevity and industrial impact. Cannistraro will renovate and move roughly 140 manufacturing jobs to the 157,000 s/f building at 25 Fid Kennedy (aka: Parcel N, “Building 16”), located in the city’s Raymond L. Flynn Marine Industrial Park. The lease term with the Economic Development and Industrial Corp. (EDIC) is 50 years with a control period of 70 years.
Cannistraro is consolidating its trades, and relocating the company’s machine shops from Wilmington, Stoughton and Watertown. In its over 50 years in business, Cannistraro has grown from a plumbing company into a multi-trade contracting company offering plumbing, HVAC, piping, sheet metal and fire protection services. The majority of Cannistraro’s work is within greater Boston serving commercial, medical, educational and other institution facilities.
Rob Nahigian, Auburndale Realty Co.
Robert Cleary, Colliers International
The property at 25 Fid Kennedy played an integral role in the WWII and post-WWII war effort and is located in the 58 acre South Boston Army Annex, contained within the 167 acre South Boston Naval Annex. After extensive negotiations, EDIC and the Boston Redevelopment Authority awarded Cannistraro Final Designation on June 9. The lease was executed on August 31. During the due diligence of the property, Cannistraro developed plans to completely renovate, enhance and redesign the former U.S. Army Annex while preserving the rare Art-Deco character of the steel-framed former metal shop.
In a push to bring a large regional industrial company back into the City of Boston the EDIC prioritized this manufacturing transaction. The BRA and EDIC are excited to have attracted J.C. Cannistraro, LLC to the heart of Boston’s thriving waterfront in keeping with its Master Plan. Auburndale Realty Co. exclusively represented Cannistraro in this lease transaction.
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