Texas-based Behringer Harvard has spent $27 million to buy an 8-story, suburban Boston office complex. The seller was Middleton Investors LLC. The Ferncroft Corporate Center is just 18% vacant, according to Behringer Harvard. Verizon Information Systems and SAS Institute are the anchor office tenants.
"Ferncroft Corporate Center presented us with an attractive opportunity to enter a market that's recently shown improvement in both occupancy and rental rates," says Robert Behringer, chairman and CEO of Behringer Harvard, which sponsors several unlisted REITs and limited partnerships. "We [also] acquired this well-located asset at a significant discount to replacement cost.”
Located on a hilltop overlooking the intersection of Interstate 95 (Route 128) and Route 1, Ferncroft Corporate Center has 226,338 sq. ft. of rentable office space. The building was originally constructed as a regional headquarters for Verizon Information Services in 1990.