"I wish we had more buildings like them in the Westboroughmarket," Shahbazi tells GlobeSt.com. The leases were headlined by a21,000-sf commitment from PANalytical Inc., a global leader inX-ray systems that will occupy 117 Flanders Rd. The firm is beingjoined there by Malvern Instruments, which is taking 14,000 sf,while life sciences giant Genzyme Corp. has leased nearly 9,000 sfat the adjacent 115 Flanders Rd. That 66,000-sf building is thelarger and older of the structures, having opened in 1987, twoyears before the 50,000-sf 117 Flanders Rd. came on line. TheBerkeley Investments portfolio acquired by KS Partners alsoincluded 1881 Worcester Rd. in Framingham and 3 Riverside Dr. inAndover.

Besides the work of the exclusive leasing agents, CB RichardEllis/New England, Shahbazi credits an improving suburban officemarket and the quality of the buildings for landing prospects overcompeting options. Patience honoring client requests and timetablesalso played a role, he says, with KS Partners taking a hands-onapproach to design, construction and management of its tenantspace. "That is a big reason for the success," Shahbazi says,adding the same approach helped convince another firm to recentlytake 20,000 sf in the Andover building, an 89,000-sf property thatwas about 50% empty when KS took it over. The rate is now in the80% range, he says, with encouraging velocity for the remainingspace.

KS Partners has already harvested the Framingham building,flipping it quickly for $138 per sf after buying the 64,000-sfasset for approximately $100 per sf. "It has been a phenomenaloutcome," Shahbazi says of the portfolio overall. "We are verypleased with what we have been able to accomplish." The ability tounderstand different markets aided KS in taking over thegeographically diverse package, he adds, with Andover located inthe suburban North region.

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