After an extensive employee demographic study it was determined that Burlington and Lexington were the two towns best suited to the existing employee base’s commute and would also allow Cambridge Trust to pull from a deep pool of qualified applicants. Unfortunately, the market in Burlington was rapidly heating up. Making matters more complex was the remaining two year lease term and the $1.575 million rental obligation that came with it. The building at 78 Blanchard Road was quickly identified as a “perfect fit” and two others were engaged for leverage. The 40,460 square foot space provided the company with a blank slate upon which to develop a perfect layout to continue its measured growth.
The Cambridge Trust Company is one of New England's leaders in wealth management with $2.3 billion in client assets under management. The Wealth Management group maintains offices in Boston, Massachusetts, and Concord and Portsmouth, New Hampshire. Founded in 1890, Cambridge Trust Company is based in Cambridge, Massachusetts, in the heart of Harvard Square. Cambridge Trust Company is a 125-year-old Massachusetts chartered commercial bank with $1.5 billion in total assets and 12 Massachusetts branch offices in Cambridge, Boston, Belmont, Concord, Lexington, Lincoln, and Weston.
The bank also wanted the large space on the building’s parapet facing Route 128 to put its 72 foot long sign to dramatically increase its visibility. More important to Cambridge Trust and its accountants than the 20% below market rent Equitable negotiated, the total existing obligation - including rent, holdover rent, yield up costs and consequential damages - were assumed by the new landlord.
The negotiations yielded a first class, high profile office facility with a fifteen-year lease. Two options to renew and expand were also won thereby ensuring Cambridge Trust Corporation its goal of a long-term home.
Please contact Ms. Lynne Burrow, Executive Vice President and CIO for additional information.
EQUITABLE REAL ESTATE SOLUTIONS, LLC | 75 FEDERAL STREET | SUITE 1115 | BOSTON, MA 02110 | TEL: 617-728-4400 | FAX: 617-728-4430
© Copyright 2019 Equitable Real Estate Solutions, LLC. All rights reserved.
The Company's steady growth is the result of strategic focus and conservative management and business practices. The largest facility was its operations center in the Alewife area of Cambridge. The lack of additional parking and increasingly challenging commutes were proving to be dampers on future growth.