A Strong Start to 2025: Hunneman's Q1 in Review
Hunneman has kicked off 2025 with significant activity on all fronts: lease executions across office and industrial assets, sales of multifamily and office properties, and several significant new additions to an already robust property management portfolio – now totaling more than 14 million square feet across the Commonwealth.
In the face of constrained market fundamentals in certain sectors, Hunneman has remained steadfast in closing deals and working closely with its clients to maintain momentum. Totaling 50 transactions, half a million square feet in leasing, approximately $42 million in sales transactions, and a 2.4 million square foot increase in property management assets, we are poised to continue this tremendous trajectory throughout 2025. In light of its recent success, Hunneman would like to highlight a few impactful areas from the first quarter.
Leasing
Representing tenants, Hunneman successfully assisted in several noteworthy deals. Executive Vice President Jim Boudrot and Senior Vice President Patrick Grady secured an 80,000 square-foot renewal and expansion for a long time client and a 100,000 square-foot office commitment in Canton. In Methuen, Executive Vice President Ken Oppenheim assisted All Access Equipment in their efforts to lease more than 70,000 square feet of prime industrial space.
On the landlord side, Hunneman continues to assist ownership through challenging times, securing sizable leases across their portfolio. Among the notable deals was the lease of a 30,000 square-foot space in Chelsea to North Suffolk Community Services, completed by Executive Vice Presidents Trey Agnew and Mike Allen.
Office assets in the suburbs are also gaining traction, evidenced by Executive Vice Presidents Leeanne Rizzo and Ned Halloran securing over 100,000 square feet of space for their client in Canton. Furthermore, their efforts at 720 University Avenue in Norwood have brought the building’s occupancy to 100%. This is in spite of the 128 South office market contending with the highest vacancy rates on record. The duo has recorded nearly 20,000 square feet of leasing activity in this first quarter alone, positioning the landlord, Hilco Real Estate, as the one of the few owners of office real estate in this market with a recently, fully-leased building.
Investment Sales
Executive Vice President and Principal, Carl Christie, along with Vice President Dan McGee, have been extremely productive in 2025. They closed on a significant 143-unit multifamily property in Gardner at the start of the year, achieving the highest possible price for the lucrative asset on behalf of their client – nearly $18 million. Furthermore, they also completed the disposition of a retail asset sale in Shrewsbury, effectively showcasing their dynamic talent for transactions in a difficult market across a variety of asset types.
Another noteworthy transaction involved the sale of several office assets in Lynn. The team, led by Executive Vice President David Ross and Assistant Vice President Gina Barroso secured a sale price of $8.5 million for 80,000 square feet of office space. These successful deals highlight Hunneman's broad expertise and commitment to delivering exceptional results for its clients.
Property Management
The Property Management Group at Hunneman has achieved a significant milestone this year by successfully managing over 14 million square feet of space. This marks an impressive increase of 2.4 million square feet since 2022. Notably, the team added a massive 18 building portfolio of industrial space to its ever-expanding inventory.
This latest addition to Hunneman's portfolio further solidifies its position at the top of management companies metro-wide. With their exceptional track record and commitment to delivering outstanding results, Hunneman continues to thrive by providing exceptional value to its clients.
The commercial real estate market locally, and across the U.S., continues to exhibit constrained fundamentals. Now, more than ever, having a trusted advisor with 100 years of experience in these markets is paramount for success.
We are extremely grateful to all our clients – those who trust us to lease, acquire, dispose, and manage their properties across New England and throughout the country. The work we do on their behalf simply means more to us.
