For many owners, the time has come to cash in on Boston-area investments, as a number of potential investors line up to get a piece of one of the hottest office markets around. The local office of Dallas-based Trammell Crow Co. (TCC) leads the way with two deals valued at more than $100 million.
In Cambridge, Mass., Trammell Crow's Investment Services Group represented Beacon Capital Partners, Boston, and New York-based PaineWebber Realty Partners in their sale of [email protected] New York-based Capital Properties Associates acquired the five-story, 310,000 sq. ft. building for $68 million. Located near the Charles River and M.I.T.'s campus, [email protected] is 99.7% leased.
TCC also negotiated sales in Boston and Quincy, Mass., totaling $35 million. On behalf of a private, locally based owner, TCC's Investment Services Group sold 313 and 330 Congress Street totaling 106,615 sq. ft. in Boston's Seaport District and Quincy's 150 Newport Ave., a 119,000 sq. ft., four-story building. London-based Lambert Smith Hampton acquired the three buildings.
In suburban Waltham, Mass., locally based Spaulding & Slye Colliers arranged the sale of Waltham Corporate Center for $57.8 million. A partnership between Cargill Financial Services Corp. and Eagle Ridge Partners, both of Minneapolis; The Beal Cos., Boston; and Lakewood, Colo.-based Alliance Commercial Partners sold the property to a limited liability corporation comprised of Greenwich, Conn.-based Rockwood Capital Corp. and The Beal Cos., which has retained an ownership interest.
A three-building campus, Waltham Corporate Center is a 289,000 sq. ft. Class-A office park located in the Interstate 95/Massachusetts Route 128 corridor.
Not to be outdone, Insignia/ESG's Boston office also has negotiated two suburban transactions. In Billerica, Insignia/ESG represented a partnership between Philadelphia-based Leggatt McCall Properties and New York-based DLJ Real Estate Capital Partners in the $41.6 million sale of Concord Road Corporate Center. An undisclosed pension fund acquired the three-building, 353,242 sq. ft. complex.
In Boxborough, Insignia/ESG represented San Jose, Calif.-based NEC Information Systems in its sale of 1414 Mass Ave. for $22.5 million. San Jose-based Cisco Systems Inc. acquired the 276,000 sq. ft. building, which is located along Interstate 495.