SalemNews.com, Salem, MA

Business

June 4, 2014

Windover leaving Manchester HQ for Beverly site

Windover leaving Manchester for Beverly

BEVERLY — At Brookwood Financial Partners in Beverly, they’ve been reeling in leases for several months now.

But it was a pretty big fish the firm landed when Windover Construction, Cape Ann’s largest contractor, announced plans to move from the town of Manchester to Brookwood’s Cherry Hill Office Park in mid-July.

Windover, which booked $98.5 million in business last year and employs about 80 people, had looked at “everything” on the North Shore in the past nine months, said President Lee Dellicker, whose company has long been headquartered off Elm Street in Manchester.

But it was Cherry Hill that “just fell into place after several months of looking,” he said.

That’s not an unusual scenario these days for Brookwood, a private equity firm based in Beverly, and its leasing agent, the real estate firm Jones Lang LaSalle. In the past four months, they have executed seven long-term leases totaling nearly 240,000 square feet in their North Shore office and research and development buildings.

These deals come after two companies leased 90,000 square feet of warehouse space at Brookwood’s 300 Jubilee Drive in Centennial Park in Peabody last year. Doe and Ingalls, a division of Thermo Fisher Scientific, recently held a ribbon-cutting for a new chemical distribution facility in a portion of the old Boston Acoustics building.

Medtronic, Amphenol, G&F Medical and Shawmut Printing are companies that are growing and have chosen to extend leases within the Cherry Hill Office Park for the long haul, Jones Lang LaSalle said. These leases encompass 195,000 square feet.

Brookwood also owns the former Osram Sylvania light bulb factory at 75 Sylvan St., which has been converted to an office building. It is about 92 percent occupied. Existing tenants Paychoice and Winning Moves have renewed their leases, for a total of 26,000 square feet.

“In recent months, both 75 Sylvan St. and Cherry Hill Office Park have seen their fair share of organic growth within their existing tenant base,” said Chris Decembrele, vice president at Jones Lang LaSalle. “All of these tenants have elected to stay and grow within their respective parks.” Organic growth means companies are expanding and need more space as they hire more workers.

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