The $190 per sf paid by Wells reflects the length of 9 Tech Dr.'s lease, held until May 2012 by EMC. The lease at 2 Tech Dr. with American Semiconductor, inherited by New Boston Fund, expires in 2009.

"I think that both parties got out of the asset what they were trying to accomplish," Jim McCaffrey, principal at the Trammell Crow Co. tells GlobeSt.com. "New Boston Fund got a very good building in one of the best parks in the Metrowest market, and Rreef was able to harvest a strong gain on a property that they had owned and operated for a number of years." Rreef picked up the property form Cigna in 1998 for $10 million.

"It's hard to tell," one broker explains to GlobeSt.com, when asked what he thought of the deal. "It [2 Technology Dr.] has a way, way above market lease in place, and that's what's driving the price. American Superconductor is in through May 2009 at $20.75 per sf, triple net when the market rate is probably half that. But even at the pricing New Boston Fund is paying, it will be a very strong yield. They're going to get a 14% return right away."

NBF paid for the asset with resources from Fund VI, a $420-million investment fund that "is about one-third invested," according to Jim Kelleher, director of acquisitions for NBF. "We're doing more development with this fund, and we're looking in the Mid-Atlantic and New England regions, and Florida. We've got five development projects in Florida and [we're starting] a sixth."

Located at the Route 9/495 interchange, Westborough Technology Park consists of six buildings and one undeveloped 14-acre parcel at 5 Technology Dr. McCaffrey and Peter Joseph of the Trammell Crow Co. represented the seller, Gateway Sherwood, Inc., a subsidiary of Rreef, and procured the buyer.