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DHL Moving Freight Forwarding Operation To Peabody

German shipping company DHL has leased 118,000 square feet of industrial space at 13 Centennial Drive in Peabody.

The space DHL will occupy in the property, owned by the state pension fund of Oregon, has been vacant since last June.

DHL is moving its freight forwarding operations out of the Hood Business Park at 480 Rutherford Ave. in Charlestown. The firm had been in the market for new space for about 18 months, said Rob Cronin, vice president for Lincoln Property Co., which represented the landlord. Kevin Hanna, partner with Cassidy Turley FHO, represented the tenant.

While he would not provide specifics about the lease, Cronin said market rate for similar industrial space is about $5 to $6 per square foot.

"Peabody has become kind of the second East Boston with its reputation as a freight forwarding location since it has direct access down Route 1 [to Logan International Airport]," Cronin told Banker & Tradesman.

Commercial & Industrial