135 Santilli
Develop a strategic real estate plan to house Mellon’s merged operations in a long-term, flexible real estate program
Our team identified a 273,000-SF vacant high-technology building just minutes from Mellon’s existing facility in Medford, MA. However, the building, developed over the former City of Everett landfill, required site remediation. We purchased the site, coordinated environmental cleanup, and gutted and retrofitted the existing building to meet Mellon’s specific needs. The site Master Plan added another floor to the existing building to achieve 385,000 SF and allowed for a Phase II with structured parking.
Project Overview
- Multi-tenant property, with 24/7 onsite security, ample parking, and direct access to the MBTA via walking path and tenant shuttle service
- Extensive interior renovations made to the building in 2020 adding a full-service café, indoor and outdoor seating areas, coffee lounge area, and a fitness center with locker rooms and shower
- Structured an operating lease that gave Mellon an option to purchase the property for a specified amount during the 20-year lease term, offering greater operating flexibility and the ability to capture the inherent residual value upon exercising the purchase option
- Project involved environmental site remediation
- Negotiated a nine-year property tax abatement with the city of Everett, which translated into significant savings for Mellon
- LEED® Gold Certified with 76-kilowatt solar panel array
- Gilbane continues to own and operate the property
Quick Stats
- Location: Everett, MA
- Market: Commercial
- Size: 380,000 SF
- Date Completed: April 1999
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Awards:
- US Green Building Council LEED Certified® / LEED Gold®
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