BEVERLY — Stephen J. Connolly IV took "a major risk" by putting up a four-story, $11 million office building along Route 128 in an uncertain economy, North Shore Chamber of Commerce President Wayne Burton said.

But Burton said that risk has paid off as Wachovia Securities has decided to be the first tenant to move into the new, 65,000-square-foot office building at the Danvers-Beverly line.

"Steve's foresight was rewarded by having a major, first-class tenant move to the North Shore," Burton said.

Both Connolly and his leasing partner, Greg Klemmer, are on the chamber's board of directors and asked Burton to deliver the news to North Shore business leaders during a chamber breakfast yesterday.

Connolly said Wachovia Securities will bring approximately 40 jobs to Beverly from offices elsewhere.

"I think having a company like Wachovia move in will definitely set a tone with what we are doing here," Connolly said in an interview.

The modern steel, concrete and glass office building went up within sight of the highway just north of Exit 21 in Danvers.

It was put up "speculatively," Burton said, meaning Connolly, the president of Beverly-based Connolly Brothers Construction Inc., did not have any tenants lined up when he broke ground in October 2007.

Connolly said while he did not have a tenant when he began, he saw "the market opportunity for building here for some time. It became apparent to me that it's very difficult for a tenant to come along and commit to a building that hasn't been built."

Wachovia Securities plans to add brokerage and private wealth management jobs to the area, Connolly said. The company is bringing together various offices in the region after it merged with another brokerage firm, AG Edwards Inc., Connolly said.

The $11 million building has been taking shape in recent weeks; yesterday, front-end loaders were grading the site, and landscapers were installing trees while crews worked inside.

When full, the building could accommodate 240 employees working for various companies. As many as 60 construction workers have been on the job in a single day.

"The thing is really coming together now," Connolly said during a tour of the building, which features a red granite facade, secure, underground parking for 55 cars, and corridors and an atrium featuring cherry-wood panels.

The building also contains amenities like a gym, showers and a small cafeteria on the first floor. The parking lot and underground garage can accommodate a total of 260 vehicles.

Connolly estimates the building will done by mid-October with Wachovia moving in around mid-November.

Connolly knows the area well because he also owns the 75,000-square-foot building at 152 Conant St., the site of his family's 128-year-old company's headquarters. That building is across a large parking lot adjacent to the new project.

The new building has one more feature, a slight water view, just visible from Wachovia's future fourth-floor office, beyond a view of downtown Beverly in the distance.

"You get a bite of the ocean," Connolly said.

New building in Beverly

Address: 138 Conant St., Beverly

Size: 65,000 square feet

Available: 52,800 square feet

Land: 2.7 acres

Ready for occupancy: October 2008