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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.

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.