Newton Office Building Trades for $51M
Waltham, MA-based Saracen Properties purchased the 172,813-square-foot office building in partnership with investment firm Cadre, which is headquartered in New York City.
NEWTON, MA—Saracen Properties has acquired the One Newton Place office building here from Boston-based Taurus Investment Holdings for $50.75 million.
Waltham, MA-based Saracen Properties purchased the 172,813-square-foot urban in-fill office building in partnership with investment firm Cadre, which is headquartered in New York City. The deal marked Cadre’s first joint venture deal with Saracen and its entry into the Boston real estate market.
One Newton Place is currently 93% occupied by a diverse roster of tenants including multinational software company Adobe and life science tenants Clearview Health and cancer diagnostic company Lumicell.
The building also features 24,000 square feet of ground floor retail, that includes tenants Core Power Yoga and Thai Amarin.
“With new mixed used projects in the area and life science firms migrating from Cambridge into Watertown and Allston, we believe One Newton Place is perfectly positioned to support a growing workforce made up of employees living in both the city and the suburbs,” says Malcolm Constable, director Saracen Properties. “We are excited for the opportunity to expand our urban in-fill office portfolio with this superb property.”
Saracen in its purchase announcement touts the Massachusetts Turnpike corridor that has experienced significant growth including the Arsenal Yards development, New Balance’s world headquarters at Boston Landing and Harvard’s expansion into Allston. Saracen notes that there are four express MBTA buses that deliver employees directly to One Newton Place from Downtown Boston.
Saracen Properties has developed or acquired more than 5 million square feet of office and technology-related facilities in the Boston regional market. One of its holdings is the Centerpoint office complex in Waltham. Last year, partner Rubenstein Partners sold its interest in the 440,000-square-foot office property to Hilco Real Estate for $86 million.
Saracen Properties LLC formed a joint venture in 2007 with Trammell Crow Co. Acquisition II LP to purchase and redevelop the former Raytheon headquarters site at 41 Seyon Street and 43 Foundry Avenue in Waltham.
Saracen acted as development and construction manager, overseeing the $30 million repositioning of the 23-acre site. Saracen is the Property Manager and oversees leasing of the project. The total project development cost was in excess of $75 million for the office and laboratory facility.
Prior to the repositioning, the project was 30% leased. The company states on its website that major tenants at Centerpoint include Simpson, Gumpertz & Heger, Education Development Center and Repligen. In January 2013, Saracen recapitalized the project in a joint venture with Rubenstein Partners.
In 2018, after subdividing the lot, Saracen sold 190 Willow St. (47,000 square feet, 100% leased to Extra Space Storage), for $9 million and then recapitalized the office portion of the project with Hilco Real Estate for $86 million. Saracen remains the property manager at Centerpoint.