William Manley is cautiously optimistic about the Central Massachusetts real-estate market. But he’s already made some big bets that have paid off for his investors, and in job growth.
Since Manley founded Calare Properties Inc. in 2000, the private firm has invested more than $200 million of equity capital, representing more than $600 million in assets. These days the area is seeing declining vacancy levels and rising rents, spurring speculative development.
A decade ago, one of the state’s high-flying success stories in the energy sector was Devens-based Evergreen Solar, which eventually went bankrupt, leaving a massive facility. Calare bought the property, invested in modifications, and leased half of it to Saint-Gobain in 2012, and the other half (205,000 square feet) to an expanding Nypro.
Reuse of an existing property, high-wage job growth, and a solid return on investment for Calare all speak to the power of a local player who made a smart moves.
In 2011, Calare bought a bank-owned, 145,000-square-foot office building in Marlborough for $12.41 per square foot. New office construction in the area would have cost roughly $100 per square foot, but Calare upgraded the empty complex and recently secured its first tenant for 35,000 square feet of space. The firm’s capacity for risk, and its ability to stay patient and wait for the right long-term tenants all bode well for Calare and the local economy.
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Clifford J. Schorer III: Board of Directors, Worcester Art Museum
Joseph Salois: CEO, Atlas Distributing Inc., Auburn
John Prosser: Chairman, Seven Hills Foundation, Worcester
James Paulhus: President and CEO, UniBank for Savings, Whitinsville
Michael O’Brien: City Manager, City of Worcester (Until Jan. 5, 2014)
Tim Murray: President and CEO, Worcester Regional Chamber of Commerce
Jim McGovern: U.S. Rep., Worcester
Charles Monahan: President, MCPHS University, Worcester
David ‘Duddie’ Massad: Chairman, Commerce Bank & Trust, Worcester
Gordon Lankton: Founder, Museum of Russian Icons and Gallery of African Art, Clinton
Warner Fletcher: Partner, Fletcher Tilton, Worcester
Gerald Fels: Trustee Emeritus, Nichols College, Dudley
Fred Eppinger: President and CEO, The Hanover Insurance Group
Christopher Egan: President, Carruth Capital, Westborough
Mary DeFeudis: Philanthropist and Volunteer, Northborough
Dr. Eric Dickson: CEO, UMass Memorial Health Care Inc., Worcester
Anthony Consigli: President, Consigli Construction Inc., Milford
P. Kevin Condron: Chairman and CEO, The Granite Group LLC, Concord, N.H.
Ralph Crowley Jr.: CEO, Polar Beverages, Worcester
Dr. Michael Collins: Chancellor, UMass Medical School, Worcester
J. Christopher Collins: Senior Vice President and General Counsel, Unum Group, Worcester
Gail Carberry: President, Quinsigamond Community College, Worcester
