Cushman & Wakefield is the exclusive broker for the sale, and the interest has been strong, according to principal Edward C. Maher Jr. "We've already received 50 signed confidential statements on the property," he tells GlobeSt.com. "The interest is incredible. We're doing two tours a day with prospective clients, and you just see jaws dropping when people see the view over the Boston skyline."

The office park, located on Route 128 overlooking the Cambridge Reservoir, is regarded as the premier office park in the suburban Boston market. Completed in 1998, the complex sits on a 58-acre landscaped parcel, with three four-story buildings and one three-story building totaling 980,000 sf of office space, and has 3,000 parking spaces. The office space is currently 91% occupied with tenants including Private Healthcare, SAP America, PRTM and Charles River Ventures.

While the asking price of the property may be daunting given the high vacancy rates in Boston office properties and the suburban office market lease rate hovering in the mid-$20s per sf, Maher thinks it's a very good deal. "This the premier office park in suburban Boston--period, end of story," says Maher. "For someone it's going to be a very good value. A lot of the leases in Bay Colony are already at a solid 30, and leases next door at Waltham Woods are regularly north of 30."

According to sources familiar with the site, Shorenstein Realty Investors, which owns the property along with the Ohio State Teachers Retirement system, is selling the office park in order to liquidate its Fund II, formed in 1994. There are two assets left in the fund, Bay Colony and Carrillon, a 24-story, 469,000-sf office property in Charlotte, NC. Carillon is said to be farther along in the sale process than Bay Colony. Shorenstein liquidated Fund I earlier this year when it sold office/retail properties Hills Plaza in San Francisco and Phoenix Plaza in Arizona.