According to Bruce Gunther of Campanelli, the project will provide the Brookline, MA-based Boston Interiors with a headquarters, showroom and warehouse and represents a consolidation of a number of locations for the furniture company. The building will be divided into 100,000 sf of warehouse space, 9,500 sf of showroom space and 9,500 sf of office space. Gunther tells GlobeSt.com that Boston Interiors will be able to move into the new space by this summer. This facility will be Boston Interior's sixth location in the state. The company was founded in 1979 and employs approximately 100 people.
Campanelli has provided Boston Interiors with a design/build/sell package. Peter Quinn of Quinn Associates negotiated the sale of the property and R+K Architectural Associates Inc. of Braintree is the project architect. Financial details of the deal were not disclosed.
Braintree, MA-based Campanelli has been very busy in the Route 128 south market this year. The company bought this 43-acre business park from Teradyne Inc. earlier this year. And just about two months ago, Campanelli bought the former 131-acre Polaroid campus, with 425,000-sf in two-buildings, for $17.3 million.
Asking rents for the area are at about $21 per sf, according to third quarter market statistics from Grubb & Ellis. The figure represents a slight decline from about $23 per sf in the previous quarter. The report indicates that vacancy rates for the area have remained essentially flat for the Route 128 South market from about 19.9% last quarter to 20.3% this quarter.
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