"We constantly evaluate our portfolio in terms of what is the best time to sell," Corr tells GlobeSt.com. "We felt we could achieve maximum pricing with the property being fully leased rather than 80% [before the Corporate Interiors lease]. There's some nice healthy competition for an asset like this."

Corr says they don't have an asking price for the asset, for which they paid $11.7 million for in June 1998. "We're doing an internal valuation right now and we believe we will not have a formal asking price for this asset. We believe the market will determine value." Corr says that BPG has been talking to a few brokerage firms, but "we haven't awarded it yet. That will come in the next week."

BPG, which last week bought the Highwood Office Park in Tewksbury for $24 million, has been active in the Greater Boston market in the past few months. In addition to Highwood, BPG picked up 35 Village Rd. in Middleton from Verizon for $19 million in a sale-leaseback deal and sold the fully leased 100 CambridgePark to Transatlantic for $27 million a few weeks later. The sale typifies the strategy for BPG, which is to buy under-performing properties, lease them up, and turn them around in a five- to seven-year period. Yesterday, Corr signed an unnamed tenant to an agreement for 18,000 sf at the 43% occupied Hightower Office Park. "We've been having one or two showings a day since we bought it last week," he adds.

Joe Sciolla, managing director at Cresa Partners Boston, says BPG adheres to the basic principles of the marketplace. "They know the market, they price competitively, and they respond to tenants and brokers quickly. And by using a number of different listing brokers, you're going to be able to account for all of the tenants in the marketplace. You're not going to miss the opportunity to lease to those tenants."