The three-story structure was originally home to IBM and is presently 89% leased to such companies as lead tenant ACE*COMM Corporation, Bankers Independence Insurance, Hess Construction and Weichert Realtors. "Quince Orchard Road is a well-maintained and very functional office building in a supply constrained submarket that has extremely high barriers to entry," New Boston Fund senior vice president and acquisitions director Jim Kelleher says. "Montgomery County has emerged as an industry hotbed for biotech companies, and this property is ideally situated for these companies."

The transaction is part of New Boston Fund's strategy of expanding its presence in the Metropolitan Washington/Baltimore area.