1200 Crown Colony Drive. Image courtesy of Google Maps

After acquiring a Quincy office building for a steep discount in 2024, FoxRock Properties landed a corporate headquarters tenant in Arbella Insurance.

Arbella employees won’t have a major change in their commutes, however: the Quincy-based insurer is relocating within Crown Colony Park from 1100 to 1200 Crown Colony Drive. The 236,491 square-foot office building located across the street from its existing main offices.

The 178,000 square-foot lease is set to begin in mid-2027, according to commercial real estate sources.

Quincy-based FoxRock made a bet on the south suburban office market when it bought the property for $6 million last year. At the time, FoxRock owner Robert Hale Jr. said the transaction reflected demand from office tenants attracted to the “value proposition” of growing in the Quincy office market.

The property previously traded for $43 million in 2018.

“They bought it for a song and they invested some capital in it, and they got lucky,” said JLL Research Manager Bryan Montgomery. “There is no new high-end office space in the south suburban market, so it was one of those things where it was the right time and the right place for Foxrock.”

Arbella scouted the market as its lease expiration approached at 1100 Crown Colony Drive before inking the largest suburban Boston lease of the quarter. The company did not respond to requests for comment.

The office vacancy rate in the 13.3 million square-foot south suburban market was 14.5 percent at the end of the third quarter, according to a recent CBRE report.

Founded by Granite Telecommunications CEO Robert Hale Jr., FoxRock has established a major presence in the South Shore commercial real estate development scene. Its recent projects include the Center & Stone apartments in Quincy Center and the Ashlar Park housing development at the former Quincy Medical Center property.