Principal paid $94.5 million for the 263,000-sf One Rogers St. location and $21 million for the 109,427-sf One Charles Park building, in a deal totaling $115.5 million. The buildings are 87% occupied, with IBM tied to a long-term lease in the entire One Rogers and part of the smaller building. Aetna leases over 50% of One Charles Park long term, with 39% of the building available.

"It's great real estate in a recovering market," one broker tells Globest.com, "these guys really know what they're doing."

The former Lotus headquarters, one of the forerunners of the Kendall Square office construction boom, went for over $315 per sf, easily topping the $260 Rreef paid for the nearby Riverfront Office Park, which closed earlier this year.

The more telling story of the two sales, however, was the net result of the transactions from the standpoint of the sellers. While the National Office Partners JV took a loss from the sale of Riverfront, paying $213 million in 2000 and turning it over to Rreef for $175 million less than five years later, Rockwood Capital will realize a major windfall from its sale of the asset. Rockwood paid $84.5 million when they purchased the property in July 2003, and the deal will leave the investment firm $31 million ahead of the game. It should be also be noted that Riverfront was part of a 13-property portfolio sale that absorbed the loss when 12 of the properties sold for a total $2.2 billion, which exceeded NOP's expectations.

Built in phases between 1989 and 1995, Charles Park consists of the two six-story buildings and a 656-car parking garage, with 190 additional parking spaces available in the Cambridgeside Galleria. Located in East Cambridge, the facility offers a number of architectural and landscaping features, and has an on-site cafeteria and day care center.

The Spaulding & Slye Colliers sales team of principals Michael G. Smith and Jeffrey B. Swartz and senior VP's Scott J. Jamieson and Cappy F. Daume represented the seller in the transaction. This is the fourth major transaction of the calendar year for S & S, who previously brokered the sales of 2 Liberty Square, 1100 Technology Park Dr. and the Fort Point Channel deals at 253 Summer St. and 27 Melcher St.