MEDFORD, MA-A 105,000-sf office building among the firstdeveloped in Boston's “inner suburbs” has changed hands to a clientof Morris & Morse. The investment advisory group will takecontrol of 10 Cabot Rd. for $16.9 million on behalf of QuincyMutual Life Insurance Co. of Quincy. The seller was MedwellAssociates, an affiliate of Capital Properties, the New York Cityfirm that had owned the asset since 1997.

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“We had a very good response,” CBRE/New England principal GaryLemire tells GlobeSt.com of investor interest for the building.Lemire, who orchestrated the deal on a team including CBREprincipal William Moylan and Matt Pullen, says suitors were luredby the stabilized position of 10 Cabot Rd., which was 95% occupiedat the time of sale. “It has an excellent tenant roster,” saysLemire, citing the long-term ownership for playing a role in thataspect as well as a location adjacent to a major transportationcenter leading into Downtown Boston. That transit facility itselfwas listed as a key driver when 10 Cabot Rd. was constructed in thelate 1980s as part of the 36-acre Wellington Business Center.

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The surroundings have matured to an even greater degree sincethat point, both in terms of better transportation and the breadthof available office space and amenities. Despite its share of fitsand starts, Wellington has again emerged as a viable alternative toescalating rents in Boston and Cambridge. The transit-orienteddevelopment movement is now in full force around Wellington Circle,prompting new residential and retail construction in the past threeyears. “We like the area a lot,” says Morris & Morse principalGarlan Morse. “It's a lot more humanized than it used to be.”

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As a veteran of the Greater Boston commercial real estatelending community, Morse recalls the days when Wellington wasconsidered a pioneering market for business purposes.Infrastructure changes by local and state officials have helped, hesays, as has the arrival of new ventures such as theresidential/retail complex known as Station Landing. “People reallywant to be there today,” says Morse, whose Boston-based firmsecured the building through Quincy Medford LLC.

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Morse reports that 10 Cabot Rd. has also withstood the test oftime. While not new, the building has many modern elements, hesays, including high ceilings and a grand interior stairway thatprovides interaction among occupants. The building lineup featuressuch entities as FedEx and Verizon, firms with solid credit, Morsenotes, while the building rollover is measured, providing steadyincome for the new ownership for an extended period. “It's really acore investment,” Morse says, although Quincy Medford LLC will makesome improvements such as sprucing up the parking lot.

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