"He's buying the property at a very good value," Brian Clancy, VP of development for National Development tells GlobeSt.com. "It has been very well maintained by Raytheon, it's in close proximity to 128, and [the current lease agreement] will allow him time to attract large tenants that are value oriented."

Built in 1971, the two-story facility is located four miles from Route 128 and Route 3. It features a fitness center, 300-person cafeteria and a 350-seat auditorium.

National Development had picked up the property from Raytheon for "roughly the same price" as the VinCo sale, in December of 2003, as part of a deal where Raytheon would sign a 10-year lease for another National Development and Angelo, Gordon-owned property in Woburn. The lease at the 437,898-sf, two-building tandem in MetroNorth Corporate Center was contingent on the partners acquiring the Bedford building, which they then flipped to VinCo.

VinCo Properties, which did not return calls by deadline, is expected to lease up the building and try to flip it themselves, according to sources. VinCo has hired a new leasing agent for the building, Richards Barry Joyce & Partners, who are actively seeking clients for the property. Cushman & Wakefield's Capital Markets Group of Robert Griffin, Jr. and Marci Griffith Loeber, along with leasing agents Mark Roth and Richard Ruggerio exclusively represented, National Development and Angelo, Gordon and represented the buyer in the transaction.