"They are going to buy it," one broker aware of the discussionsinsists of CRP. The firm also reportedly would acquire 125 NewburySt. and 959 Concord St. as part of the package. Given the uncertaincapital climate and wispy economy, observers caution that no dealis immune from late-stage dissolution, but most spoken to said theywill be surprised if the sale to CRP does not cross the finishline. "It's getting really, really close," says one broker.

|

At this point, the parties involved have yet to acknowledge thedeal, with calls not returned from CRP's Boston office or fromMaric principal Mark Rubin. Eastdil Secured's New Englandinvestment group is said to be handling the sales process, butmembers of that team also did not respond by press deadline.Sources could not provide a sales price for the package or aprojected closing date.

|

Maric has owned portions of the portfolio since the mid-1990s,paying an aggregate of $42 million in four separate transactions.The holdings feature the 165,000-sf Framingham Corporate Center,aka 492 Old Connecticut Path. "It's an excellent building," offersone Framingham-based broker who says the asset has held up welldespite having been constructed more than 20 years ago. Theoriginal developer was Centros Properties. The Meadows is thesecond largest structure in the portfolio, while 959 Concord St.has approximately 75,000 sf and 125 Newbury St. is just under35,000 sf.

|

Although Boston Scientific is freeing up 90,000 sf atCochituate Place in Natick, as reported by GlobeSt.com, theFramingham/Natick office submarket still possesses among thestrongest fundamentals in suburban Boston. CB Richard Ellisestimates a 6.6% vacancy rate after the first quarter for asubmarket of 6.7 million sf. That is the lowest among 10 submarketsreviewed and some industry veterans predict the lack of productwill lead to rental increases, especially as tenants in theabutting Route 128 Central belt seek rent relief from that coresubmarket. CBRE puts the chasm at more than $10 per sf betweenFramingham/Natick and Route 128 Central, which has an averageasking rate of $31.86 per sf versus $21.55 per sf forFramingham/Natick.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.