By Joe Clements
SCITUATE — A fast-moving Northeaster that clipped Massachusetts yesterday had news crews all over this coastal bullseye pleading viewers to eschew 18-foot missles of rocks, driftwood and bobbing sponges flowing over Scituate’s ravaged sea wall, flooding adjacent basements and streets. Nationally dispatched images of waves cresting shoreline homes stood in stark contrast to a sense of calm one could find a bit inland where landlord Fulcrum Real Estate Partners was feting their 10-year lease extension from a Brigham and Women’s entity at 56 New Driftway—its largest occupant—and the second such happening in separate seasons bookending last winter when thriving physician’s practice HealthCare South extended to 2038 after having been in the 24,000-sf building the past 17 years, that increase to 4,315 sf from the only 2,100sf Fulcrum has left left to rent after the extension of Brigham and Women’s Physicians’ Organization.
Beyond confirming the lease extension is for 7,611 sf and covers a 10-year period, Fulcrum was unable to discuss other aspects of the agreement such as rental rates and other terms including whether there was any time remaining on the existing lease that could affect the extension’s beginning date. Fulcrum self-negotiated the agreement while BWPO was counseled by Newmark broker Kati Brigham.
In a prepared statement provided Real Reporter, the occupant confirmed that “BWPO and its predecessors have had a presence at this address for over 20 years” while describing Mass General Brigham as “a single, integrated health care system that consists of 16 member institutions that encompass a range of healthcare organizations” including the Scituate entry.
In a Real Reporter article last year, it was detailed how entrepreneurial Fulcrum was able to pivot when HCS’ space needs ballooned, the shift from its vacated suite to a second floor with prized street-level entryway supported in the lengthy 15-year lease that now has nearly 50 percent of the building committed by the two highly regarded institutions complementing a quartet of other established occupants.
As Fulcrum prepares to mark its 10th anniversary this autumn, Putprush and Kirschner told Real Reporter in an interview that the focus now is in filling the remaining suite at 56 New Driftway, with Kirschner voicing optimism the opportunity will draw attention, either from within as happened with HCS or an outside tenant who sees the value of affiliating with major institutional groups that are there “for the long haul.” Having a private deck and unfettered views of the Atlantic Ocean are other attractions that has the principals “optimistic” of a near-term success, relays Kirschner.
Putprush adds the confidence Fulcrum had in making Scituate one of the group’s select stable of investments was “we saw great things happening” to the immediate area which already benefitted by being genesis of the Greenbush Commuter Rail connecting to major South Shore bedroom communities and downtown Boston, as well as the building being in one of the region’s most exclusive residential enclaves.
The Fulcrum investment approach touts carefully evaluating prospects and investing house money along with syndicated capital on properties within a two hour drive of their Needham headquarters. “We are always looking” is how Kirschner describes the appetite for product whose “sweet spot” is $2 million to $5 million” but selectively rises into $15 million level as well. The pair has over 60 years of experience in commercial real estate focused on metropolitan Boston.■