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"We're pleased with the results," relays Jones Lang LaSallemanaging director Scott Jamieson, a member of the investment salesteam brokering the agreement. "It was a good, strong pricereflective of the strong market." Citing client confidentiality,Jamieson would not discuss terms, but sources acknowledged thebuilding fetched just over $200 per sf. Jamieson represented theseller and procured the buyer along with JLL managing directorsCatherine Daume, Michael Smith and Tamie Thompson, as well as SVPGail McDonough and AVP Daniel Kollar.

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Jamieson credits "a motivated buyer and seller" as one reason 5Burlington Woods was able to reach the finish line at a time whenthe choppy sales climate doomed many other deals. ELV Associatespresident Scott Jenkins says the commitment reflects his firm'sconfidence in 5 Burlington Woods and the northern tier of Route 128in general. "With considerable growth in Burlington market rents inrecent years, the property is well-positioned for valueenhancement," says Jenkins. Rents are into the $40 per sf range forselect space, and other class A assets are scoring well into the$30's per sf.

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"The Burlington market is quite dynamic," Jamieson agrees, "andELV recognized the opportunity to acquire a well-located,well-leased asset which fits well into their strategy of along-term ownership." NBF SVP Jonathan Gillman expressessatisfaction regarding the harvesting of a property that the firmacquired in 2001 for $18 million. "Having stabilized the asset, wewere able to recognize the opportunity for appropriate returns forour investors and allow us to focus our attention on futurevalue-add opportunities in the marketplace," says Gillman, whosefirm also just closed on the sale of the Rivertech business park inBillerica for $45.2 million.

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Five Burlington Woods was just one of several high-profileproperties that JLL's investment sales group handled in Burlingtonlast year. Deals totaling $333 million included record pricingfetched for 4 van de Graaf Dr., plus the $212 million sale of the800,000-sf Sun Microsystems campus and the $66.5 milliondisposition of the Burlington Woods Office Park, a three-buildingasset located adjacent to 5 Burlington Woods. The dominance ofBurlington contributed to an impressive 2007 campaign for JLL'sBoston sales team. The group brokered $1.7 billion of productoverall, a figure bolstered by the $377 million sale of a regionalretail portfolio owned by Tedeschi Corp. that Managing DirectorJames Koury negotiated.

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Jamieson says skittish owners reluctant to trade in theuncertain environment have started 2008 out slower than normal, buthe anticipates a rebound as the debt market imbroglio works throughthe system during the next three to six months. "By the end, Ithink we'll have had a pretty good year," he says, partly becauseof fresh capital sources clamoring to invest in real estate.Tertiary communities could struggle as investors seek saferharbors, Jamieson says, but he is among many experts anticipatingthat primary markets such as Greater Boston will garner interest."Fundamentally, we've never been stronger," he says.

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Five Burlington Woods was 94% occupied at the time of the saleto ELV. Tenants include Fay, Spofford & Thorndike, anengineering/planning company; plus Hollister Associates and LinearProperties. Besides negotiating the sale, JLL was also namedexclusive leasing agent for 5 Burlington Woods, an assignment beinghandled by Thompson and Kollar.

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