The property, built in 1983 and located at 10-12 Manor Parkway, consists of three single-story office/flex buildings totaling 122,000 sf. Jeff Schwartz of Spaulding & Slye represented the seller, who was not disclosed.

This is the first partnership between Praedium and Essex River. Philip Tager, director of the Praedium Group notes that his firm went into the deal because of Essex River's investment, development and management experience within the Greater Boston area. This property, he adds, "has excellent access and visibility from I-93, with strong in-place income and significant upside potential. Given the retraction of property market fundamentals during the past few years, we believe the investment in this asset at this point in the market cycle will benefit from strengthening market conditions."

Essex River Ventures LLC is a real estate investment and asset management firm specializing in value-oriented office, research and development and industrial properties on the East Coast. The Praedium Group focuses on underperforming and undervalued assets throughout North America, with two billion dollars in total investments to date. Praedium was formed in 1991 with a leading international investment bank as its sole investor.