Dow sells for $775K, Tenants wonder what’s next
Published on July 11th, 2001
STONEHA, MA - Dom Errico of Winchester sold the Dow building in Stoneham’s Central Square to the Copley Group of Boston for $775,000.
The deal closed in early June, according to Errico’s attorney, Charles Houghton of Stoneham. The Dow building is the four level, brick structure at 3-5 Central Square. The Copley Group is a property redevelopment company headed by Norman Levenson and based at 896 Beacon St. in Boston.
Copley Group Senior Regional Manager David Pirog said that his company has not finalized any agreements with prospective tenants. He added that most Dow tenants are tenants at will. The Copley Group has not decided who must go, but rents will increase, Pirog said. The first floor unit occupied by the Law Office of Frontiero and Graves and the Financial Marketplace rents at $3,200 per month.
“The Starbucks rumor was before we were involved, although we’d certainly consider it, if they were interested,” Pirog said in response to talk around town.
Houghton had heard the rumors about residential units on the upper levels, but Pirog said his company has other plans.
“Floors two through four will be professional office space, and the first floor will be offices or retail,” Pirog said.
Tenant Sal Frontiero’s lease runs out in May of 2002, but he’s looking to get out now.
“I want to sublet my space as of Aug. 1,” Frontiero says. He doesn’t want to deal with the uncertainty.
Eric Swanson, owner of the Financial Marketplace, said that he hopes that the Copley Group wants to keep existing tenants.
Another tenant said that the Copley Group has been “very nice but not to forthcoming...
“I think they know what they want to do, but they don’t want to lose any rents,” the tenant said.
Pirog said that the Copley Group won’t know exactly what will become of the Dow until their architects take a closer look. Six months will pass before any action, Pirog estimated.
The Copley Group is in the middle of a redevelopment project at the former Garber Travel building on Beacon Street in Brookline. The architect working on that project, Tise/Diamond Associates of Boston, has signed on to rehab the Dow.
“We try to return old buildings to their original character,” Pirog said. “We want to work with the community.”
Pirog said that the Copley Group plans to renovate the interior of the Dow building, possibly adding an elevator, new common spaces and new bathrooms. The Dow, a registered historical building, is protected by law from external changes.
Almost any significant internal renovation will require substantial work and big bucks to bring the building up to code under the Americans with Disabilities Act.
Pirog said that other redevelopment efforts attracted the Copley Group to downtown Stoneham.
“We saw other things going on like the work at the theatre and thought this is a great opportunity,” Pirog said.
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