Press Release Detail

08.11.2009

PEABODY, MA— DB Schenker, one of the leading globally integrated logistics service providers, formally unveiled its plans to open new offices in Peabody’s Centennial Park during a beam raising ceremony, marking the completion of the multi-million-dollar project’s steel work.

The site, located on 4.5 acres of land at 310 Jubilee Drive, was acquired in April by Acorn Management Inc., a Quincy-based firm founded by developer Steven Ricciardi. East Boston Savings Bank (EBSB) approved financing for Acorn to build a 44,500-square-foot office building, which is scheduled for occupancy in the fall.

According to EBSB Vice President David Burr, Ricciardi has been a customer of EBSB for more than eight years. “Over the years, the bank has provided construction and rehab financing for a number of projects of his in Quincy, New Bedford and now Peabody,” said Burr.

“Because of today’s difficult underwriting standards, we were fortunate to rely on our strong banking relationships to finance this transaction,” said Stephen Rodri, executive vice president of Acorn.

“Many thanks to East Boston Savings Bank and David Burr, a lifelong friend, who had the faith in us to support this project, and to the City of Peabody, the Dacon team and Schenker for coming in and adding to the local economy,” said Ricciardi.

The Dacon Corporation of Natick is overseeing construction of the project. The company has built seven other properties in Centennial Park, an industrial park near the intersection of I-95 and Route 128. The area is home to businesses such as Children’s Hospital Boston, the Peabody Marriott, BMW of Peabody, Analogic Corp. and Weston & Sampson Engineers Inc.

According to David Scherer, Director of Development for Acorn, DB Schenker has signed a long-term lease to operate its New England regional headquarters and logistics center in the new office building. It will be the sole tenant. The company has a broad network of locations in the world’s major economic regions with strengths in global air freight, ocean freight, land transport and rail freight, North American heavy freight and more. It employs more than 7,000 people in the U.S. and 91,000 worldwide, and owns more than 140 branch locations in the U.S., with regional and/or international hubs in Atlanta, Chicago, Dallas, Miami, New Jersey, New York, Los Angeles, San Francisco and Toledo.

“In a down economy, it was gratifying to be able to get a first-class lessee like Schenker in there,” said Burr. “No doubt, this project will help to create new jobs in the community.”

“New business is the lifeblood of our city,” said Peabody Mayor Michael J. Bonfanti. “To have Schenker coming here and providing jobs, it’s absolutely essential to our economy.”