CAMBRIDGE, MA—Partners National Real Estate Advisors and the Bulfinch Companies, Inc. report that the Forrester Research world headquarters building located in the Cambridge Discovery Park here has been sold.

The 200,000-square-foot, six-story office building (Building 200) and adjoining 650-car parking garage were sold to an unidentified buyer. The sale price was also not disclosed.

The transaction was made on behalf of National Real Estate Advisors' open-end, build-to-core fund with $1.8 billion in assets under management. The fund had a 50% ownership interest in the property and achieved an outsized return, the company states.

In 2010, National and Bulfinch completed development of the building and parking garage and executed a long-term lease through 2027 with Forrester Research, achieving 100% occupancy at opening. The LEED Platinum property features a full service cafeteria; fitness center with yoga studio, locker rooms and showers: bike and car share programs, an ATM, and electric chargers in the parking garage.

Jeff Kanne, National's president and CEO, says of the sale, “Working with Bulfinch, we decided to take advantage of current strong interest from core buyers for high-income generating properties and sell into the demand wave. While our strategy for the fund is to develop, stabilize and hold properties for the cash flow benefits to our investors, we selectively will sell assets opportunistically earlier than their anticipated portfolio lifecycle when we can achieve outsized returns.”

"With this sale Bulfinch remains committed to Cambridge Discovery Park and the future of the world-class campus," adds Eric D. Schlager, CEO of Bulfinch. ”The sale further demonstrates the strong demand for investors to buy Class A stabilized assets in Boston's urban core. The asset generated broad interest in the market from many institutional investors and we are delighted to have selected a very high quality ownership group to join Bulfinch in the Park.”

Cambridge Discovery Park is a 27-acre first-class office and research campus on Route 2 in Cambridge that currently features 400,000 square feet in three state-of-the-art buildings and has permits in place for an additional 420,000 square feet of new development.