"This sale is the highest one in the 495 corridor," Tim Lescalleet, principal at The Codman Company, TCN, tells GlobeSt.com. The Codman Company brokered the investment sale transaction. The three-story executive style building is located within the Westborough Technology Park and overlooks Routes 495 and 9, an increasingly desirable suburban office market for the greater Boston area.
The Aspen Group completed development of the property in a little over a year ago and had it fully leased almost immediately. Tenants include Arbella Insurance, Morgan Stanley Dean Witter, John Hancock Financial Services and Trustmark Insurance.
PM Realty Advisors, a CA-based pension fund advisor, targeted this property and presented the Aspen group with "an offer they couldn't refuse," says Lescalleet. PM Realty purchased the property on behalf of a pension fund client who, adds Lescalleet, does not want to be identified.
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