Bank representatives couldn't be reached by GlobeSt.com's publication deadline to learn the development cost of the new facility. However, construction sources familiar with comparable projects tell GlobeSt.com the hard construction cost is probably in the $200-per-sf range or about $16 million. "Banks require security features not usually found in normal office buildings and that drives up the overall development cost," says an industry source.

The new center at 120 Flanders Rd. will house 150 employees and will include a new data center with a backup generator, UPS system and a training center. Bruce Weisberg, the bank's senior vice president of property administration, and Bob Keeley, president of Diversified Project Management, represented their firms on the construction contract.

Diversified has completed previous relocation projects for numerous financial institutions including Eastern Bank, East Boston Savings Bank and Digital Federal Credit Union.