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JV Buys Industrial Property In Boston

Berkeley Investments Inc. and partner Starwood Capital Group have partnered to buy a 330,971 sq. ft. office/warehouse flex property in East Boston. The 13.65-acre property is near Logan Airport. Starwood did not disclose the sale price.

Syratech Corp., the seller, will lease back 118,000 sq. ft. of office and warehouse space here. Syratech was represented by Meredith & Grew in the transaction.

The building now has four other tenants, not including Syratech. The remaining vacant space will be marketed to office users as well as warehouse and airfreight tenants.

"The acquisition of this property is consistent with our strategy to purchase underutilized corporate real estate assets," says Young Park, president of Boston-based Berkeley.

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