The Counselors of Real Estate held its National Conference in Chicago at The London House Hotel from April 28-30, 2019. On Monday, April 29th, Del Krandell, James Felt Selection Committee Chair, announced the co-recipients of its 2019 James Felt Creative Counseling Award. The award is given to the most outstanding achievement and ingenuity counseling project nationally. Over 200 CREs and guests were in attendance. This year’s recipients were awarded jointly to Bob Cleary, CRE of Colliers International, Boston, MA and Rob Nahigian, CRE of Auburndale Realty Co., Newton, MA for their team collaborative counseling assignment with JC Cannistraro, LLC of Watertown, MA. The assignment resulted in one of the most impactful manufacturing relocation and long-term leases within the City of Boston Seaport-Black Falcon area in over 50 years. JC Cannistraro will be relocating over 100 immediate new manufacturing and warehouse jobs with over 400 jobs long term to 25 Fid Kennedy (aka, Parcel N) in the Boston Marine Industrial Park to a 320,000 square foot former US Army Annex industrial facility. The lease control period is approximately 70 years in term. The vacant building was the former U.S. Army ammunition facility from post WWII that is located on Boston’s waterfront near the highly thriving Seaport District.
Bob and Rob’s project of the year was a multiple year advisory/transactional assignment with JC Cannistraro, its real estate consolidation and procurement. The 70 year lease consisted of over $50 million of lease value, renovation and environmental cleanup of this 320,000 gross square foot industrial/manufacturing complex. Bob and Rob were engaged with this project from conception to reality. It was completed in June, 2018. Bob and Rob acted as the Cannistraro’s real estate counselors and took the project from concept to closing. They worked closely throughout the process with company’s President, CEO and CFO assignment. Cannistraro has grown its business from a plumbing company into a full service mechanical contracting company. It was named “Contractor of the Year” in 2011 by PHC News Magazine and named one of the top places to work in the Boston area. Over 90% of its business is within the City of Boston serving hospitals, educational and other non-profit institution facilities. A few years ago, the company recognized the opportunity to consolidate under one roof for operational efficiency and the need for more space. Cleary and Nahigian conducted a site assessment of over 100 properties in a 60 mile radius that led to 25 Fid Kennedy.
The landlord and owner of 25 Fid complex is Boston’s Economic Development and Industrial Corporation (EDIC) which is controlled by the Boston’s Redevelopment Authority (BRA), now operating under the name of Boston Planning and Development Agency (BPDA). Lease negotiation parties included Boston Planning and Development Agency, Boston’s Mayor’s Office, Economic Development and the Planning Department. The uniqueness of the assignment was the goal of the company to consolidate 3 industrial locations into one site, bring 400 industrial jobs to Boston as well as being a model nationally. This project would create a renovation of an Art Deco industrial building. The project was completed with media coverage and a public opening on June 14, 2018. Mayor Walsh and BPDA Director, Brian Golden both congratulated Bob and Rob for their contributions.
Established in 1992, the James Felt Creative Counseling Award recognizes the most innovative and creative counseling on complex real estate issues in an ethical, objective and expert manner. The award is not given every year. The award is merit based only. Bob and Rob were congratulated for their creativity, commitment and expertise, all contributing to the resolution of the company’s expansion issue. The Counselors of Real Estate is an affiliate of the National Association of Realtors and its members are the most elite real estate advisors in the U.S.
Congratulations to both Bob and Rob.