"It's a great deal for the market," says Phil Burgess of Burgess Properties, who represented the tenant in the transaction. The lease represents growth for the erstwhile Palmer Manufacturing, a Malden-based company recently acquired by PPH. The company, which manufactures aircraft engine components, has been a fixture in Malden for decades, and Burgess says the firm had hoped to remain as close as possible to the main facility in Malden, which will remain open. Availability was limited and pricing was too rich in the inner suburbs, to meet the client's requirements, explains Burgess, leading to the Peabody option.

Burgess is familiar with One Second St., having last year placed another tenant there that is leasing 22,000 sf. "It's a well-managed, physically attractive building that works well for tenants," says Burgess, who represented PPH along with Burgess Properties broker Stephen Nohrden. Atlantic Management was represented by CB Richard Ellis principals David Corkery, David Connolly and Mark Reardon, the building's exclusive leasing agents.

One Second St. is situated on a 9.8-acre parcel and contains 140,000 sf of warehouse space and a 17,000-sf block of mezzanine office space. In addition to multifamily and retail properties, Atlantic Management owns more than two dozen industrial and office buildings throughout Greater Boston, including the prominent Lexington Technology Park on Route 128 in Lexington that recently secured Shire Pharmaceuticals of Cambridge for more than 400,000 sf.