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Atlantic Management Lands 70,000-SF Tenant

PEABODY, MA-The 10-year industrial lease here is bringing a leading aerospace industry company to One Second St.

By Joe Clements | Updated on March 19, 2008

PEABODY, MA-A high-flying company involved in the aerospace industry has signed a 10-year industrial lease for 70,000 sf here, with Paradigm/Precision Holdings committing to One Second St. in Centennial Park. The building is owned by Atlantic Management Corp. of Framingham.

“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.

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