MARLBOROUGH, MA-Hines Global REIT on Monday said it had acquiredthe Campus at Marlborough, a four-building, 532,246-square-footoffice complex here, in a deal that was first reported this pastsummer. Along with three interconnected office properties that are100% long-term leased and an amenity building, the complex alsoincludes a parcel that has been approved for 650,000 square feet ofdevelopment. Hines will assume property management responsibilitieson behalf of Hines Global REIT.

According to Real Capital Analytics, Boston-based Eaton Vancetraded the complex to Hines Global REIT for $160.9 million. Aspokeswoman for Houston-based Hines confirms a purchase price of$103 million, while an SEC filing also lists the assumption of$57.9 million of debt from Bel Marlborough I LLC and BelMarlborough II LLC, affiliates of Eaton Vance’s Belrose Capitalarm. The debt is through Bear Stearns Commercial Mortgage, carriesan interest rate of 5.21% and matures in December 2014. GlobeSt.comreported in July that Belrose and Hines Global REIT had inked a deal for the Campus atMarlborough.

“The Campus at Marlborough is an excellent asset and our secondinvestment in Boston, a market that Hines Global REIT has targetedfor investment because of its diverse economy and high-quality,educated workforce,” Charles Hazen, president and CEO of the REIT,says in a release. This past September, the REIT acquired BlueviewCorporate Center, a class A office building at 250 Royall St. inCanton, MA, from Inland American Canton Royall LLC; RCA lists thepurchase price as $57 million. The three-story, 185,171-square-footCanton property is fully leased through 2019 to Computershare Ltd.Hines will also assume property management on that asset.

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

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

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.