"It's well ahead of expectations," Campanelli Cos. leasing director Peter Brown says of the repositioning campaign, terming the approach "the right formula at the right time." Brown says the firm is especially gratified given that the South Shore's office market was "fairly stagnant" in 2007, with negative net absorption for the year. "We were able to fight through that."

After paying $10.3 million for the property from Verizon Corp., Campanelli struck a long-term leaseback for 40,000 sf with the seller, then set about adding the elements necessary to create a first-class, multi-tenanted complex. The multimillion-dollar overhaul yielded new lobbies and upgraded common areas, plus modern mechanicals and improved landscaping. One of the buildings was constructed in the early 1970s and the other in 1990. Both are "solid as a rock," says Brown, and the presence of Verizon meant fiber optic was already in place, as were substantial electrical capabilities.

Campanelli retained Atlantic Retail and DTZ FHO Partners as brokers, and Brown says that tandem proved "extremely valuable in achieving the full lease-up." Atlantic's Jim Bagley handled the retail, whereas DTZ FHO brokers Sean Teague, Tom Kent and Leeanne Rizzo focused on the office space. "There was a great synergy in place, and everybody really did their piece," Brown says, including the firm's acquisitions director, Steve Murphy, who Brown says remained active from start to finish. In the TWCU transaction, the tenant was represented by Colliers Meredith & Grew's team of Ted Chryssicas, James Elcock, David Goodhue and Jonathan Martin.

Teague praises Campanelli's stewardship for allowing the lease-up to be completed less than a year after the marketing commenced. Besides large floor plates of 40,000 sf and a solid location, Teague says Granite Woods benefits from "outstanding corporate visibility" and structured parking. Campanelli even created a small park next to a reservoir abutting Granite Woods Corporate Center.

The first leasing victory occurred last March when Traveler's Indemnity Insurance Co. committed to 40,000 sf in Building One, followed by an 11,000-sf pact by the Visiting Nurses Association. TWCU will also occupy Building One, taking space on the first and second floors to accommodate employees presently in Downtown Boston and a nearby Braintree location. Now entering its 90th year in business, TWCU has more than 27,000 members throughout New England. The firm is slated to move into Granite Woods this summer, and Brown says he believes the company will have enhanced signage and visibility compared to its current home at 250 Granite S.

The repositioning of Granite Woods Corporate Center is among several ongoing endeavors involving the Campanelli Cos., one of the region's oldest and most prolific commercial real estate companies. Other projects are being pursued in Norton and Woburn. The firm has built more than 17 million sf along the Eastern Seaboard and has capabilities in land development, design/build and value-added opportunities similar to 350 Granite St.

Terms of the TWCU lease were not revealed. Jones Lang LaSalle puts the average asking rent for the South market at $20.51 per sf and estimates a vacancy rate of 16% for 12.5 million sf. The South had minus-60,000 sf of net absorption in 2007, JLL reports.