DEAL IN PROFILE
Getting in on the national trend, the landlords of 56 Exchange Terr.
worked a renewal and expansion with some creative measures
Fully Occupied Office
AS LANDLORDS ACROSS THE US ARE TRYING TO HANG
on to tenants, those in Rhode Island are not ready to be left out of
the mix. Marsella Development Corp., the owners of 56 Exchange
Terr. in Providence, along with GVA Thompson Hennessey &
Partners and MG Commercial,
worked an expansion and renewal
in the filled-to-capacity property.
CBIZ Tofias and Mayer Hoffman
McCann was angling for a renewal and expansion into 15,000
square feet. The issue became a question of where. The tenant “was
interested in expanding at 56 Exchange, which was 100% occupied
at the time,” explains Ryan Weber of GVA Thompson Hennessey.
“With the help of MG Commercial, we were able to identify an
opportunity in the building with another tenant who was interested
in vacating early. It was a win-win for all those involved.”
By Ryan Clark
The five-story building housed three companies. Weber says
that the law firm on the second floor wanted out of its lease,
which still had over a year left, so in a separate deal, the landlord
worked out an early release from the space.
The game of musical chairs continued with the third tenant,
Camp Dresser McKey, working out a deal with the landlord to move
its fourth-floor functions into the vacated space on the second floor.
It now occupies the second and third floors. This allowed CBIZ to
expand from its fifth-floor digs into the level below.
The renewal runs through 2016 at an undisclosed price that
was referred to by Weber as “current market rates.” Marsella
represented itself in the transactions, while GVA Thompson and
MG Commercial repped CBIZ. ◆
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