BOSTON, MA– HFF announced today that it has arranged $49 million in first mortgage financing for the Concord Meadows Corporate Center located at 300 Baker Avenue in Concord, Massachusetts, a 424,815-square-foot office complex .
HFF worked on behalf of the borrower, Normandy Real Estate Partners, to secure the floating-rate loan through Natixis Real Estate Capital LLC.
300 Baker Avenue is situated on a 70-acre site in Concord, close to Route 128 and about 20 miles northwest of downtown Boston. The property underwent a complete renovation in 1998 and has benefited from significant on-going capital improvements since Normandy’s purchase in 2006. The tenant roster is anchored by Emerson Hospital with 80,785 square feet, Welch’s with 79,695 square feet and Kayak with 29,381 square feet. Recently negotiated expansions and extensions by Emerson and Oxford Instruments, along with recently signed leases with Welch’s, Lexington Eye Associates and several other smaller tenants, have substantially filled the 214,000-square-foot space vacated by Dassault Systemes/SolidWorks in 2012. The property is currently 78 percent leased and the loan provides the additional funds required to lease the balance of the building.
The HFF team representing Normandy Real Estate Partners was led by senior managing director Riaz Cassum, director Porter Terry and real estate analyst Samantha Bendetson.
Normandy Real Estate Partners is a leading real estate operator and investment manager headquartered in Morristown, NJ with offices in Boston, New York City, Los Angeles and Washington, D.C. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments. Normandy’s existing portfolio includes over 15 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments in the gateway markets of Boston, Metro New York City, Los Angeles, San Francisco, and Washington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements. For more information visit www.normandyrealty.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.