Cambridge Savings Bank Signs Lease Deal in Waltham
Cambridge Savings Bank will house its new operations center at the 2-million-square-foot Hobbs Brook Park, but will retain its corporate headquarters operations in Cambridge.
WALTHAM, MA—Cambridge Savings Bank is consolidating its back-office operations from office space in Cambridge and Arlington into 76,000 square feet of leased space at 81 Wyman St. here.
Cambridge Savings Bank will house its new operations center at the 2-million-square-foot Hobbs Brook Park, but will retain its corporate headquarters operations in Cambridge. The lease transaction was announced by commercial brokerage firm Cushman & Wakefield.
Cushman & Wakefield’s vice chair Brian Hines, managing director Ryan Romano and vice chair Peter Joseph worked alongside Dan Fraine, facilities SVP, represented Cambridge Savings Bank in the transaction. The building owner, Hobbs Brook Management, was represented by managing director Chip Bachelder of Wyman Street Advisors and Kevin Casey and Trish Holland of Hobbs Brook Management.
“We believe optimizing our infrastructure is important to our continued growth, and space needs are imminent in our current back-office locations,” says Wayne Patenaude, CEO and President of Cambridge Savings Bank. “Our employees are very excited about coming together in one location where project collaboration will be easier and where we can build an even stronger corporate culture.”
81 Wyman St. is a three-story building that joins a campus of new LEED certified buildings. Hobbs Brook Management is working with architectural firm Vision3 on a complete renovation of the former Thermo Electron headquarters building. Cambridge Savings Bank along with its architectural firm, SMMA, is designing the interior space. A light-filled atrium will connect all floors, and the space will be rich with amenities, including a fitness center, yoga studio, outdoor patio and an open and transparent office environment that supports various work styles and meeting options.
“This is an important consolidation project in what will arguably be the highest-quality office space on Route 128,” says C&W’s Hines. “Cambridge Savings Bank has made a strategic move, and we were happy to be an advisor in this process.”
Cambridge Savings Bank has approximately $3.7 billion in assets and maintains branches in Arlington, Bedford, Belmont, Burlington, Cambridge, Charlestown, Concord, Lexington, Newton and Watertown.