The former Bank of America building at 72 Leonard St. has been sold, and it will remain a bank in its next incarnation.
According to Kevin Leech, marketing and leasing manager for Newman Properties, Leader Bank bought the vacant building for $2,825,000.
According to Leech, Newman Properties bought the vacant building in 2023, with the intent of finding a new tenant. The For Sale sign came down on Monday, and the final sale was announced Friday.
“Newman Properties is beyond excited for the new buyers-Leader Bank- to take over and bring new life to this vibrant, downtown Belmont hub,” Leech wrote in a release.
For Leonard Street, the sale is a milestone because all the storefronts are now occupied.
“I am happy were are going to have a tenant in the space. While we all would have liked traditional brick and mortar store, the limits of the space made it difficult,” said Deran Muckjian, president of the Belmont Center Business Association. “The space has always been a bank and it will remain a bank. This was the last vacant space on Leonard Street, so I am happy that we can say all store fronts are fully occupied. This is good for local businesses and the residents of Belmont.”
Founded in 2002 in Arlington, Leader now employees more than 450 people. The Leader Bank website list 18 current locations, including on Pleasant Street in Belmont. Two others are listed as pending.
Editor’s Note: This is a developing story. Check back for more information.
