MELLON TRUST CENTER
Everett, MA

The opportunity
When Mellon Bank acquired The Boston Company, the
lease for The Boston Company's operations and data processing facility in Medford, MA was about to expire. Mellon selected GDCo to help develop a cost-effective,
long-term real estate plan to accommodate the merged operations.

The solution
We identified an abandoned 230,000-square-foot facility in Everett, MA, just minutes from Mellon’s existing facility. We purchased the site, which was located over the former city landfill, and coordinated the environmental clean-up. Then we retrofitted the building to meet Mellon’s current needs and planned an additional floor for future expansion. We also negotiated a 10-year property tax abatement with the City of Everett, translating into significant savings for Mellon. In total, the solution saved Mellon $105 million over the life of a 20-year lease.