The building is fully leased to GE Panametrics, which signed a 12-year lease last year for $9.50 per sf for the original 153,000 sf. And the firm will pay a significantly higher price for the additional 86,000 sf, according to the source. "It's a good deal for both the buyer and the seller," Michael G. Smith, principal at Spaulding & Slye Colliers, tells GlobeSt.com. "There's no shortage of capital seeking secure cash flow in real estate today." Smith, Cappy F. Daume, principal, and senior VP Scott Jamieson represented Archon and procured the buyer.

David J. Pergola of Meredith & Grew, whose firm represents the neighboring 880 Technology Park Dr., echoes that sentiment. "It's a good deal. The [price] makes sense. It's a testament to what people will pay for long-term leases with solid credit tenants."

Like the Fort Point Channel deal, the sale is rumored to be the first half of a 1031 exchange, according to multiple sources. Beacon invested the profits from the sale of the Doubletree Guest Suites in Allston to Harvard University into the waterfront properties, using the provision in the federal tax code to exempt them from paying taxes on the sale. The 1100 Technology Dr. sale would be a separate 1031 exchange, according to one broker, but "certainly the profile of the asset is something 1031's seek."

The sale effectively divests Archon of its holdings in the Greater Boston area. In April 2004, the company sold a portfolio of seven assets, including the Stoney Brook Office Park in Waltham to the Rockpoint Group. In March 2004, Archon sold another portfolio including 700 and 900 Technology Park Dr., to Everest Partners, and also traded 1000-1200 Tech Park Dr. to the New Boston Fund.