Roadside assistance specialist Agero Inc. has signed a 17-year, 115,000-square-foot lease for a new headquarters at 400 River’s Edge in Medford, part of an expanding development cluster near the MBTA’s Wellington Station.
400 River’s Edge is the second office building developed by Preotle Lane & Assoc. at River’s Edge, a 1-million-square-foot master-planned development on 30 acres along the Malden River. General contractor Columbia Construction of North Reading has begun raising steel on the site, with the Gensler-designed base building scheduled for completion in October, Principal John Preotle said. Occupancy is projected for spring 2019.
East Boston Savings Bank provided $33.5 million in construction financing.
Privately-held Agero provides roadside assistance services to automobile manufacturers and insurers. The company has 400 employees at its current headquarters at nearby One Cabot Road in Medford, a 308,946-square-foot office building owned by The Davis Cos. of Boston since 2015.
Agero is hiring tech and data engineers and product managers to expand its digital offerings, with most of the positions based in Medford, Agero said in a statement. The new building also will provide space for 65 employees from its sister company, Financial Recovery Technologies, and a small corporate office for its ownership group, Cross Country Group.
Preotle Lane & Assoc. previously developed the 200 River’s Edge office building and sold two parcels to Criterion Development Partners for a pair of apartment complexes.
River’s Edge is part of a 215-acre district created in 1996 to encourage redevelopment of industrial properties in Medford, Malden and Everett, and overseen by a regional land-use agency, the Mystic Valley Development Commission. The property was originally marketed as “Telecom City” in the hopes of luring the once-booming sector to the area.
Demand for transit-oriented development sites has spurred recent multifamily development near Wellington Station, including Mill Creek Residential’s 297-unit Modera Medford apartment complex at 5 Cabot Road, which began move-ins in September.
