PITTSFIELD, Mass. — Greylock Federal Credit Union has signed a long-term lease for the former ToyWorks building in the Allendale Shopping Center.
Officials say the 18,000-square-foot space will enable Greylock to bring together credit union operations functions and provide convenient access for Greylock Insurance Agency customers.
Renovations are under way and credit union officials expect to move several teams to the location later this year.
"This location solves our long-standing need to consolidate numerous operations functions," said Greylock President Marilyn Sperling. "We have looked at more than a dozen locations and were pleased to obtain lease terms in Allendale that will actually decrease our real estate expenses while accommodating the long-term growth of the credit union."
The company's doubled its staff and tripled its assets since moving in 1998 into its 20,000 square-foot headquarters, a location expected to accommodate 20 years of growth. Sperling said the building was completely filled by 2004.
The end space on the L-shaped shopping center has been leased sporadically since the closure of KB ToyWorks and the company's liquidation several years ago. The KB headquarters on West Street next to the credit union was recently purchased by Laurin Publishing.
As the credit union has grown over the last 15 years, operational personnel have been scattered in three locations throughout Pittsfield, said Sperling. "When the moves are complete, we will have a larger footprint with greater efficiency and lower costs."
The Allendale site will also become a new central sales and processing site for Greylock Insurance Agency, providing a more convenient location for members in Cheshire, Dalton and other towns.
In addition to the insurance presence, Greylock plans to move the following functions and departments to the Allendale space, representing about 75 employees in total:
Deposit & Loan Operations
The credit union as 245 employees and $1.2 billion in assets.
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