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.
Middlesex Savings Bank was formed in 1982 with the merger of Middlesex Institution for Savings in Concord and Natick Five Cents Savings Bank. Middlesex Institution for Savings was incorporated in 1835. Middlesex Savings Bank has grown to 24 branches with assets over $3.3 billion. The bank is the second largest mutual bank in Massachusetts and the sixth largest mutual bank in the US, according to the bank's web site.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
