East Boston Savings Bank’s Somerville Branch officially broke ground on Wednesday, August 28th, 2013. Bernard Gibbons of ABG Realty represented both buyer and seller in the transaction of 37 Union Square, which was leased earlier this year. Gibbons also represented the space’s former tenant, Union Square Veterinary Clinic, in moving to its current location on 314 Highland Ave, also in Somerville.
The building at 37 Union Square was leased for over $900,000 to EBSB, at a rate of $23 per square foot. This figure is indicative of typical office rent prices in Union Square. ABG Realty views Union Square as an area of great potential for commercial real estate, as rents are reasonable, traffic (auto and foot) is heavy, and is located in close proximity to downtown Boston.
According to John Parillo, EBSB’s regional manager, the Union Square location will be the bank’s 27th branch in the Greater Boston Area. EBSB is excited about expanding its presence in the region, as well as the opportunity to provide its services to a greater number of Somerville residents and businesses. The branch is expected to open this November.
