"This purchase represents a significant transaction in the suburban market place and shows the owners belief in the greater Boston market. The properties are well located and have a great tenant base and fit nicely into our portfolio," says Liam Hurley, director of leasing for Everest Partners.

Three of the buildings are at 1400 Providence Highway in Norwood. These buildings, called A, B and C, total 155,540 sf and were acquired from the Bulfinch Cos. They are 100% leased to a number of tenants including Tyco Adhesives and Allegiance Telecom.

The other four buildings were purchased from Archon Group. Two are at 25 and 45 South St. in Hopkinton and are 53,713 sf and 65,765 sf respectively. They are located right off Route 495 and are nearly fully leased to tenants including EMC, Central Technologies and CBL Systems. The other two are at 257 and 295 Cedar Hill St. and are each 56,250 sf. These buildings are also nearly fully leased with Evergreen Solar taking one of the buildings and Akibia taking 40,000 sf in the other.

According to Trammel Crow Co., current average lease rates in Norwood for office space are approximately $18 per sf while research and development space is going for $13.50 per sf. Research and development space in Hopkinton is at approximately $9 per sf while similar space in Marlborough goes for approximately $11 per sf. Office space in Marlborough is at about $22 per sf. Hurley declined to reveal the purchase price of the acquisition and calls to both Bulfinch Cos. and Archon Group were not returned by deadline. A local industry source tells GlobeSt.com that office/flex buildings in those areas are currently selling for $7 to $8 per sf.

"We were looking to invest in the Greater Boston market," Hurley tells GlobeSt.com. He adds that it is difficult to find good properties in the area at a fair purchase price. "We're still looking to buy more," notes Hurley.

Hurley points out that because each of the buildings in this portfolio are flex space his firm felt it could gain more value out of the acquisition. While Hurley acknowledges that pure office space can command a higher lease rate, flex space can lend itself to research and development or office use depending upon the needs of the client. Hurley emphasizes that the locations of these buildings, right near new interchanges off Route 495 in the Hopkinton and Marlborough locations and near Route 95 in Norwood, makes these building particularly attractive to potential tenants.

"These are bread-and-butter buildings," says Hurley. "They are good, well-tenanted [properties] and will remain so in the future. The office market has been hit so hard, but we feel we could get tenants into these buildings and they will lease up quickly."

According to Hurley, Everest continues to pursue similar properties within a 100-mile radius of Boston. The firm currently owns over two million sf in New Hampshire, Rhode Island and Massachusetts.