Kelleher & Sadowsky Associates Inc, a commercial real estate firm serving Worcester County and MetroWest, recently announced that Joseph Laursen of Shrewsbury and Madison O’Brien of Boston have been added to its brokerage team as new associates.
Franklin Realty Advisors will work with Kelleher & Sadowsky, Conventures Inc. and SGA to rebrand and market the building as One Mercantile, a multitenanted Class A office building, according to a release by the groups Wednesday. The marketing campaign for the space will showcase the building’s strengths as the newest property in the market with the largest floor plate available, the best amenity package and a well-capitalized sponsor.
Kelleher & Sadowsky Associates recently announced that Todd S. Alexander of Westborough has joined the commercial real estate firm as an executive vice president. Alexander will provide retail real estate services to both tenants and landlords throughout New England, as well as help grow the firm’s presence in MetroWest across all asset types.
Jim Umphrey, president of Kelleher & Sadowsky, estimates downtown Worcester currently sits at 15% vacancy for office space. Traditionally the vacancy percentage is around 8%, he said, but the vacant Unum space nearly doubled the amount of vacancy in the market.
“As cities like Boston have been priced incredibly expensive for development, Worcester has been seen as a place of opportunity from a return-on-investment perspective,” said James Umphrey, a principal at Kelleher and Sadowsky Associates.
Mirick O’Connell has signed a 10-year lease to remain in the Mercantile Center in downtown Worcester. The law firm will occupy more than 32,000 square feet on the 16th, 17th and 18th floors of 100 Front St. In the lease agreement, David Campbell of Hunneman represented the tenant (Mirick O’Connell) and Jim Umphrey and Will Kelleher of Kelleher & Sadowsky represented the landlord (Franklin Realty Advisors).